Exercise 15-12 Securities transactions, equity method LO P4 Listed below are a few events and transactions of Kodax Company. 2015 Jan. 2 Purchased 25,800 shares of Grecco Co. common stock for $417,000 cash plus a broker's fee of $3,900 cash. Grecco has 86,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $2.40 per share. Dec. 31 Grecco announced that net income for the year is $500,400. 2016 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 $722,900. Dec. 31 Kodax sold 10,000 shares of Grecco for $365,000 cash