Prepare journal entries to record the following transactions and events
Prepare journal entries to record the following transactions and events of Kodax Company.
2013
Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $ 408,000 cash plus a broker’s fee of $ 3,000 cash. Bushtex has 90,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax.
Sept. 1 Grecco declared and paid a cash dividend of $ 1.50 per share.
Dec. 31 Grecco announced that net income for the year is $ 486,900.
2014
June 1 Grecco declared and paid a cash dividend of $ 2.10 per share.
Dec. 31 Grecco announced that net income for the year is $ 702,750.
Dec. 31 Kodax sold 10,000 shares of Grecco for $ 320,000 cash.

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