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Exercise $15-14($Static$)$ Accounting for equity method investments LO P$5$

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

Year $1$

January $2$ Purchased $30,000$ shares of Grecco Company common stock for $$411,000$ cash. Grecco has $90,000$ 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{.}50$ per share.

December $31$ Grecco announced that net income for the year is $$486,900.$

June $1$ Grecco declared and paid a cash dividend of $$2\mathrm{.}10$ per share.

December $31$ Grecco announced that net income for the year is $$702,750.$

December, $31$ Kodax sold $3,000$ shares of Grecco for $$71,000$ 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.