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 72,000 shares of Grecco Company common stock for $566,000 cash. Grecco has 216,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.10 per share, December 31 Grecco announced that net income for the year is $513,900. Year 2 June 1 Grecco declared and paid a cash dividend of $3.90 per share. December 31 Grecco announced that net income for the year is $745, 400. December 31 Kodax sold 12,000 shares of Grecco for $125,000 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.)