Presented below are two independent situations:
1. Potomac Inc. acquired 10% of the 500,000 shares of common stock of Maryland Corporation at a total cost of $11 per share on June 17, 2011. On September 3, Maryland declared and paid a $160,000 dividend. On December 31, Maryland reported net income of $550,000 for the year.
2. Andy Fisher Corporation obtained significant influence over Bandit Company by buying 30% of Bandit’s 100,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2011. On May 15, Bandit declared and paid a cash dividend of $150,000. On December 31, Bandit reported net income of $270,000 for the year.
Prepare all necessary journal entries for 2011 for (1) Potomac and (2) Andy Fisher.
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