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 35,000 shares of Grecco Company common stock for $441,000 cash. Grecco has 105,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.80 per share. December 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. December 31 Grecco announced that net income for the year is $707,900. December 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. Note: Do not round intermediate calculations and round your final answers to the nearest dollar amount. View transaction list Journal entry worksheet < 1 2 3 4 5 6 Purchased 35,000 shares of Grecco Company common stock for $441,000 > < Prev 8 of 23 Next >