Prepare journal entries to record the following transactions and events of Kodax Company. Year 1 Jan. 2
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Prepare journal entries to record the following transactions and events of Kodax Company.
Year 1
Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax.
Sep. 1 Grecco declared and paid a cash dividend of $1.50 per share.
Dec. 31 Grecco announced that net income for the year is $486,900.
Year 2
June 1 Grecco declared and paid a cash dividend of $2.10 per share.
Dec. 31 Grecco announced that net income for the year is $702,750.
Dec. 31 Kodax sold 3,000 shares of Grecco for $71,000 cash.
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Year 1 Jan 2 Sept 1 Dec 31 Year 2 June 1 Dec 31 Dec 31 Equity Method Investments Cash Record purchas...View the full answer
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Related Book For 
Principles Of Financial Accounting (Chapters 1-17)
ISBN: 9781260780147
25th Edition
Authors: John Wild
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