Situation 1 Kingbird Cosmetics acquired 10% of the 212,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Martinez declared and paid $76,400 cash dividend to all stockholders. On December 31, Martinez reported net income of $125,800 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Situation 2 Oriole, Inc. obtained significant influence over Seles Corporation by buying 40% of Seles’s 31,700 outstanding shares of common stock at a total cost of $9 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $33,100 to all stockholders. On December 31, Seles reported a net income of $77,900 for the year.