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

Year $1$

January $2$ Purchased $40,000$ shares of Grecco Company common stock for $$431,000$ cash. Grecco has $120,000$ shares of common stock outstanding, and its activities will be significantly influenced by Kodax.

September $1$ Grecco declared and paid a cash dividend of $$1\mathrm{.}70$ per share. December $31$ Grecco announced that net income for the year is $$489,900.$

Year $2$

June $1$ Grecco declared and paid a cash dividend of $$1\mathrm{.}70$ per share.

December $31$ Grecco announced that net income for the year is $$705,400.$

December $31$ Kodax sold $9,000$ shares of Grecco for $$160,000$ 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.

Journal entry worksheet

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