Exercise 15-12 Securities transactions; equity method LO P4

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

2017

Jan.	2	Purchased 34,000 shares of Grecco Co. common stock for $421,000 cash plus a brokers fee of $4,300 cash. Grecco has 85,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax.
Sept.	1	Grecco declared and paid a cash dividend of $2.80 per share.
Dec.	31	Grecco announced that net income for the year is $506,400.

2018

June	1	Grecco declared and paid a cash dividend of $3.40 per share.
Dec.	31	Grecco announced that net income for the year is $732,900.
Dec.	31	Kodax sold 13,000 shares of Grecco for $385,000 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.)