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Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 90,000 shares of Grecco Company common stock for $511,000
Listed below are a few events and transactions of Kodax Company.
Year 1
January 2 | Purchased 90,000 shares of Grecco Company common stock for $511,000 cash. Grecco has 270,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. |
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September 1 | Grecco declared and paid a cash dividend of $1.90 per share. |
December 31 | Grecco announced that net income for the year is $501,900. |
Year 2
June 1 | Grecco declared and paid a cash dividend of $2.20 per share. |
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December 31 | Grecco announced that net income for the year is $725,400. |
December 31 | Kodax sold 11,000 shares of Grecco for $128,000 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.
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