Ch $15$: Homework $-$ REQUIRED FOR GRADE

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Exerclse $15-14($Algo$)$ Accounting for equity method Investments LO P$5$

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

Year $1$

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January $2$ Purchased $35,000$ shares of Grecco Company common stock for $$441,000$ cash. Grecco has $105,000$ 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{.}80$ per share.

December $31$ Grecco announced that net income for the year is $$491,400.$

Year $2$

June $1$ Grecco declared and paid a cash dividend of $$1\mathrm{.}50$ per share.

December $31$ Grecco announced that net income for the year is $$797,900.$

December $31$ Kodax sold $8,000$ shares of Grecco for $$170,000$ cash.

Reterences

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

Note: Do not round Intermedlate calculatlons ond round your final answers to the nearest dollar omount.

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