7.

Exercise 15-12 Accounting for equity method investments LO P5 Listed below are a few events and transactions of Kodax Company Year 1 Jan. 2 Purchased 30,eee shares of Grecco Co. common stock for $411, ce cash. Grecco has 9,000 shares of common stock outstanding and its activities will be significantly influenced by Kodax Sept. 1 Grecco declared and paid cash dividend of $1.50 per share. Dec. 31 Grecco announced that net incore for the year is $486.000. Year 2 June 1 Grecco declared and paid a cash dividend of 52. 1e per share. Dec. 31 Grecco announced that net income for the year is $702.750. Dec. 31 Kodax sold 3,000 shares of Orecce for $71,000 cash Print 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.) References View transaction list Journal entry worksheet 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 wit be significantly influenced by Kodax Note: Enter debits before credits General Journal Debit Credit Date Jan. 2. Year 11