Exercise 15-12 Securities transactions; equity method LO P4 Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 24,000 shares of Grecco Co. common stock for $412,000 cash plus a broker's fee of $3,400 cash. Grecca has 100,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.90 per share. Dec. 31 Grecco announced that net income for the year is $492,900. 2018 June 1 Grecco declared and paid a cash dividend of $2.50 per share. Dec. 31 Grecco announced that net income for the year is $710,400. Dec. 31 Kodax sold 12,000 shares of Grecco for $340,000 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.) View transaction list View journal entry worksheet No Debit Credit Date Jan 02, 2017 General Journal Long-term investments-Grecco Cash 415,400 415,400 2 Sep 01, 2017 45,600 Cash Long-term investments-Grecco 45.600 View transaction list View journal entry worksheet NO Date Jan 02, 2017 Credit General Journal Long-term investments Grocco Cash Debit 415.400 415,400 Sep 01, 2017 45,600 Cash Long-term investments Greco 45,600 Dec 31, 2017 Long-term investments Grecco Earnings from long-term investment Jun 01, 2018 Cash Long-term investments-Grecco 5 Dec 31, 2018 Long-term investments-Grecco Earnings from long-term investment 26 Dec 31, 2018 340,000 Cash Gain on sale of investment Long-term investments Grecco