Return to question 7 Exercise 15-12 Securities transactions; equity method LO P4 Listed below are a few events and transactions of Kodax Company. 1.48 points 2017 Jan. 2 Purchased 31,980 shares of Grecco Co. common stock for $413,000 cash plus a broker's fee of $3,500 cash. Grecco has 82,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $2.00 per share. Dec. 31 Grecco announced that net income for the year is $494,400. 2018 June 1 Grecco declared and paid a cash dividend of $2.60 per share. Dec. 31 Grecco announced that net income for the year is $712,900. Dec. 31 Kodax sold 11,000 shares of Grecco for $345,000 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.) 7 X Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Jan 02, 2017 Long-term investmentsGrecco 413,000 Cash 413,000 X 1.48 points 2 Sep 01, 2017 Cash 63,960 Long-term investmentsGrecco 63,960 3 Dec 31, 2017 192,816 Long-term investmentsGrecco Earnings from long-term investment 192,816 4 Jun 01, 2018 Cash 83,148 Long-term investmentsGrecco 83,148 01 Dec 31, 2018 Long-term investmentsGrecco 278,031 Earnings from long-term investment 278,031 6 Dec 31, 2018 Cash 345,000 Gain on sale of investment 253,412 X Long-term investments-Grecco 91,588 X