Exercise 15-14 (Algo) Accounting for equity method investments LO P5 Listed below are a few events and transactions of Kodax Company Year 1 January 2 Purchased 87,000 shares of Grecco Company common stock for $536,000 cash. Grecco has 261,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax September 1 Grecco declared and paid a cash dividend of 51.40 per share! December 31 Grecco announced that net income for the year is $509,400 Year 2 June 1 Grecco declared and paid a cash dividend of $3.00 per share. December 31 Grecco announced that net income for the year is $737.900 December 11 kadax sold 12.000 shares of Grecco for $90,000 cash Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round Intermediate calculations and round your final onswers to the nearest dollar amount.) No Debit Credit 1 Date General Journal January 2 Year 1 Equity method investments Cash 536,000 E 536.000 2 September 1 Year Cash Equity method investments 121,800 121.800 3 December 31. Yeal Equity method investments Eamnings from equity method investments 127,350 $ 127,350 4 June 1. Year 2 Cash Equity method investments 261.000 261,000 5 December 31 Yoal Equity method investments Earnings from equity method investments . 184,475 X 184.475 X December 31, You Cash Equity mothod investments Gain on sale of stock investments 00,000 64141 33.859