Exercise 15-12 Accounting for equity method Investments LO PS Unted below are a few events and actions of Kodex Company Jan. 2 Purchased 35,000 shares of Greece O. c on stock for $40,000 cash. Grochas 105,000 shares of common stock outstanding, and its activities will be significantly in c ed by Kodex. Sept. 1 Greco declared and paid a cash dividend of $1.9 per share Dec. 31 Greco unced that set income for the year is $491,400. Year 2 June | Grecco declared and paid a cash dividend or $1.50 per share. Dec. 31 decco announced that net income for the year is $707.900. De 31 Kodax sold 8,000 shares of Greece for $179.000 cash Prepare ju s t record the above tractions and modes Company Deserunder round your fine answers to the nearest dollar ant ) Credit Date No 1 Debit 44100 Jan 2. Year 1 General Journal Equilty method investments Cash 441 000 63.000 2 Sept 1 Year 1 Cash Equity method westments 63.000 171 3 Dec 31, Yew 1 Equity method investments Earnings from equity method investments 17.00 June 1. Year 2 Cash Equity method westments GOOOOOOOO Dec 31, Yew 2 Equity method investments Earnings from equity method inves 6 Dec 31, Year 2 Cash Equy method uvestments Gain on sale of stock westments Exercise 15-12 Accounting for equity method investments LO P5 Listed below are a few events and transactions of Kodex Company Year 1 Jan. 2 Purchased 35,000 shares of Grecco Co. common stock for $441,000 cash. Grecco has 105,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.80 per share. Dec. 31 Grecco announced that net income for the year is $491,400. Year 2 June 1 Grecco declared and paid a cash dividend of $1.50 per share. Dec. 31 Grecco announced that net income for the year is $707,900. Dec. 31 Kodax sold 8,000 shares of Grecco for $170,000 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.) No Debit 441 000 Credit General Journal Equity method investments Cash Jan. 2. Year 1 441.000 Sept 1 Year 1 Cash 63,000 Equity method investments 63.000 Dec. 31. Year 1 171.990 Equity method investments Earnings from equity method investments 171,990 June 1, Year 2 52.500 Cash Equity method investments 52 500 Dec 31, Year 2 Equity method investments Earrings from equity method investments 247765 OOOOO Dec 31 Year 2 Cash Equity method investments Gain on sale of stock investments