Prepare journal entries to record the following transactions and events of Kodan Company.

2008 Jan. 2 Purchased 30,000 shares of Goreten Co. common stock for $408,000 cash plus a broker’s fee of $3,000 cash. Goreten has 90,000 shares of common stock outstanding and its policies will be significantly influenced by Kodan.

Sept. 1 Goreten declared and paid a cash dividend of $1.50 per share.

Dec. 31 Goreten announced that net income for the year is $486,900.

2009 June 1 Goreten declared and paid a cash dividend of $2.10 per share.

Dec. 31 Goreten announced that net income for the year is $702,750.

Dec. 31 Kodan sold 10,000 shares of Goreten for $320,000 cash.

AppendixLO1