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

2017

Jan. 2 Purchased 21,000 shares of Grecco Co. common stock for $428,000 cash plus a brokers fee of $5,000 cash. Grecco has 70,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $3.50 per share. Dec. 31 Grecco announced that net income for the year is $516,900. 2018

June 1 Grecco declared and paid a cash dividend of $4.10 per share. Dec. 31 Grecco announced that net income for the year is $750,400. Dec. 31 Kodax sold 12,000 shares of Grecco for $420,000 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.)

Journal entry worksheet