Exercise 15-12 Accounting for equity method investments LO P5 Listed below are a few events and transactions of Kodax Company Jan. Year 1 2 Purchased 67,000 shares of Grecco Co. common stock for $576,000 cash. Grecco hos 201,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.00 per share. Dec 31 Grecco announced that net income for the year is $515,400, Year 2 Sune 1 Grecco declared and paid a cash dividend of $1.50 per share. Dec. 31 Grecco announced that net income for the year is $747,900. Dec. 31 Kodax sold 14,000 shares of Grecco for $180,000 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.)