Listed below are a few events and transactions of Kodax Company.

Year $1$

January $2$ Purchased $75,000$ shares of Grecco Company common stock for $$531,000$ cash. Grecco has $300,000$ shares of common stock outstanding, and its activities will be significantly influenced by Kodax.

September $1$ Grecco declared and paid a cash dividend of $$1\mathrm{.}70$ per share.

December $31$ Grecco announced that net income for the year is $$504,900.$

Year $2$

June $1$ Grecco declared and paid a cash dividend of $$3\mathrm{.}40$ per share.

December $31$ Grecco announced that net income for the year is $$730,400.$

December $31$ Kodax sold $9,000$ shares of Grecco for $$131,000$ cash.

Prepare journal entries to record the above transactions and events of Kodax Company.

Note: Do not round intermediate calculations and round your final answers to the nearest dollar amount.

Answer rating: 100% (QA)

1 January 2 Purchased 5000 shares of Grecco Company common stock for 531000 cash Journal Entry Debit ... View the full answer