Exercise 15-12 Securities transactions; equity method LO P4 Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 25,800 shares of Grecco Co. common stock for $417,000 cash plus a broker's fee of $3,900 cash. Grecco has 86,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Grecco declared and paid a cash dividend of $2.40 per share. Sept Dec. 31 Grecco announced that net income for the year is $500,400 2018 June 1 Grecco declared and paid a cash dividend of $3.00 per share Dec. 31 Grecco announced that net income for the year is $722,900 Dec. 31 Kodax sold 10,000 shares of Grecco for $365,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) Answer is not complete. Credit No Date General Journal Debit Jan 02, 2017 Long-term investments-Grecco 1 420,900 Cash 420,900 2 Sep 01, 2017 Cash 61,920 Long-term investments-Grecco 61,920 175,140( 3 Dec 31, 2017 Long-term investments-Grecco 175,140 Earnings from long-term investment Jun 01, 2018 4 Cash 77,400 Long-term investments-Grecco 77,400 253,015x 5 Dec 31, 2018 Long-term investments-Grecco 253,015 Earnings from long-term investment Cash 6 Dec 31, 2018 Long-term investments-Grecco Gain on sale of investment Purchased 25,800 shares of Grecco Co. common stock for $417,000 cash plus a broker's fee of $3,900 cash. Grecco has 86,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax 1 2 Grecco declared and paid a cash dividend of $2.40 per share. Grecco announced that net income for the year is 3 $500,400 Grecco declared and paid a cash dividend of $3.00 per 4 share. st 4 Grecco declared and paid a cash dividend of $3.00 per share. Grecco announced that net income for the year is 5 $722,900 Kodax sold 10,000 shares of Grecco for $365,000 cash 6