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 97,000 shares of Grecco Company common stock for $541,000 cash. Grecco has 291,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.60 per share. December 31 Grecco announced that net income for the year is $506,400. Year 2 June 1 Grecco declared and paid a cash dividend of $3.60 per share. December 31 Grecco announced that net income for the year is $732,900. December 31 Kodax sold 13,000 shares of Grecco for $95,000 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.) 1 Purchased 97,000 shares of Grecco Company common stock for $541,000 cash. Grecco has 291,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. 2 Grecco declared and paid a cash dividend of $1.60 per share. 3 Grecco announced that net income for the year is $506,400. 4 Grecco declared and paid a cash dividend of $3.60 per share. 5 Grecco announced that net income for the year is $732,900. 6 Kodax sold 13,000 shares of Grecco for $95,000 cash