Exercise C-12 Accounting for equity method investments LO P5

Listed below are a few events and transactions of Kodax Company. Year 1

Jan.		2		Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax.
Sept.		1		Grecco declared and paid a cash dividend of $1.50 per share.
Dec.		31		Grecco announced that net income for the year is $486,900.

Year 2

June		1		Grecco declared and paid a cash dividend of $2.10 per share.
Dec.		31		Grecco announced that net income for the year is $702,750.
Dec.		31		Kodax sold 3,000 shares of Grecco for $71,000 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.)

Exercise C-12 Accounting for equity method investments LO P5 Listed below are a few events and transactions of Kodax Company. Year 1 Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.50 per share. Dec. 31 Grecco announced that net income for the year is $486,900. Year 2 June 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $ 702,750. Dec. 31 Kodax sold 3,000 shares of Grecco for $71,000 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.) View transaction list Journal entry worksheet Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Journal entry worksheet 1 2 3 4 5 6 > Grecco declared and paid a cash dividend of $1.50 per share. Note: Enter debits before credits. Journal entry worksheet Grecco announced that net income for the year is $486,900. Note: Enter debits before credits. Journal entry worksheet Grecco declared and paid a cash dividend of $2.10 per share. Note: Enter debits before credits. Journal entry worksheet Grecco announced that net income for the year is $702,750. Note: Enter debits before credits. Journal entry worksheet Kodax sold 3,000 shares of Grecco for $71,000 cash. Note: Enter debits before credits