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 75,000 shares of Grecco Co. common stock for $481,000 cash. Grecco has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $2.20 per share. Dec. 31 Grecco announced that net income for the year is $497,400. Year 2 June 1 Grecco declared and paid a cash dividend of $.70 per share. Dec. 31 Grecco announced that net income for the year is $717,900. Dec. 31 Kodax sold 13,000 shares of Grecco for $100,000 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.)