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 77,000 shares of Grecco Co. Connon stock for $556,000 cash. Grecco has 388,000 shares of connon stock outstanding, and its activities will be significantly influenced by Kodax Sept. 1 Grecco declared and paid a cash dividend of $1.20 per share. Dec 31 Grecco announced that net income for the year is $512,400. Year 2 June 1 Grecco declared and paid a cash dividend of $3.00 per share. Dec. 31 Grecco announced that net income for the year is $742,900. Dec. 31 Kodax sold 12,000 shares of Grecco for $101,000 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.) View transaction list Journal entry worksheet 2 6 > Purchased 77,000 shares of Grecco Co. common stock for $556,000 cash. Grecco has 308,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax Note Enter debits before credite General Journal Date Jan. 2 Year1 Debit Credit View transaction list Journal entry worksheet Grecco announced that net income for the year is $512,400. Note: Enter debits before credits General Journal Debit Date Dec. 31. Year 1 Credit View transaction list Journal entry worksheet Grecco declared and paid a cash dividend of $3.80 per share. Note: Enter debits before credits. Date June 1, Year 2 General Journal Debit Credit View transaction list Journal entry worksheet