Listed below are a few events and transactions of Kodax Company 2015 Jan 2 Purchased 22,720 shares of Grecco Co common stock for $418,000 cash plus a broker 's fee of $4,000 cash Grecco has 71,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax Sept 1 G...

Date Particular Debit Credit Jan 02 2015 Longterm investments x Grecco 422000 Cash 422000 Sep 01 201 ...

Listed below are a few events and transactions of Kodax Company. 2015 Jan. 2 Purchased 22,720 shares

Question:

Listed below are a few events and transactions of Kodax Company.
2015
Jan. 2 Purchased 22,720 shares of Grecco Co. for $418,000 cash plus a broker's fee of $4,000 cash. Grecco has 71,000 shares of outstanding and its policies will be significantly influenced by Kodax.
Sept. 1 Grecco declared and paid a cash of $2.50 per share.
Dec. 31 Grecco announced that net income for the year is $501,900.
2016
June 1Grecco declared and paid a cash of $3.10 per share.
Dec. 31Grecco announced that net income for the year is $725,400.
Dec. 31Kodax sold 11,000 shares of Grecco for $370,000 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.)
1. Purchased 22,720 shares of Grecco Co. for $418,000 cash plus a broker's fee of $4,000 cash. Grecco Co. has 71,000 shares of outstanding and its policies will be significantly influenced by Kodax.
2. Grecco declared and paid a cash of $2.50 per share.
3. Grecco announced that net income for the year is $501,900.
4. Grecco declared and paid a cash of $3.10 per share.
5. Grecco announced that net income for the year is $725,400.
6. Kodax sold 11,000 shares of Grecco for $370,000 cash.
Prepare journal entries to record the above transactions and events of Kodax Company
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...