Question
Can someone help me prepare these journal entries? I have some of them and tried to post a screenshot but was told my image was
Can someone help me prepare these journal entries? I have some of them and tried to post a screenshot but was told my image was not clear enough and I can't seem to fix it. This is the information I need help with.
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 brokers 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 | Grecco declared and paid a cash dividend of $2.50 per share. | |
Dec. | 31 | Grecco announced that net income for the year is $501,900. |
2016 | |||
June | 1 | Grecco declared and paid a cash dividend of $3.10 per share. | |
Dec. | 31 | Grecco announced that net income for the year is $725,400. | |
Dec. | 31 | Kodax 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. common stock for $418,000 cash plus a brokers fee of $4,000 cash. Grecco Co. has 71,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax.
2.
Grecco declared and paid a cash dividend of $2.50 per share.
3.
Grecco announced that net income for the year is $501,900.
4.
Grecco declared and paid a cash dividend 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.
This is what I have so far.
Jan 02, 2015 | Long-term investmentsGrecco | 422,000 | |
Cash | 422,000 | ||
Sep 01, 2015 | Cash | 56,800 | |
Long-term investmentsGrecco | 56,800 | ||
Dec 31, 2015 | Long-term investmentsGrecco | ||
Earnings from long-term investment | |||
Jun 01, 2016 | Cash | 70,432 | |
Long-term investmentsGrecco | 70,432 | ||
Dec 31, 2016 | Long-term investmentsGrecco | ||
Earnings from long-term investment | |||
Dec 31, 2016 | Cash | 370,000 | |
Long-term investmentsGrecco | |||
Gain on sale of investment |
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