Exercise C-12 Accounting for equity method investments P5 Prepare journal entries to record the following transactions and events 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. Sep. 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 Dec. Dec. 1 Grecco declared and paid a cash dividend of $2.10 per share. 31 Grecco announced that net income for the year is $702,750. 31 Kodax sold 3,000 shares of Grecco for $71,000 cash