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

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

Year $1$

January $2$ Purchased $82,000$ shares of Grecco Company common stock for $$546,000$ cash. Grecco has $246,000$ 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{.}30$ per share.

December $31$ Grecco announced that net income for the year is $$510,900.$

Year $2$

June $1$ Grecco declared and paid a cash dividend of $$3\mathrm{.}20$ per share.

December $31$ Grecco announced that net income for the year is $$740,400.$

December $31$ Kodax sold $13,000$ shares of Grecco for $$99,500$ 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.