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Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 92,000 shares of Grecco Company common stock for $526,000
Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 92,000 shares of Grecco Company common stock for $526,000 cash. Grecco has 276,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.50 per share. December 31 Grecco announced that net income for the year is $507,900. Year 2 June 1 Grecco declared and paid a cash dividend of $3.80 per share. December 31 Grecco announced that net income for the year is $735,400. December 31 Kodax sold 13,000 shares of Grecco for $96,500cash. 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 (2) 456 Purchased 92,000 shares of Grecco Company common stock for $526,000 cash. Grecco has 276,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Note: Enter debits before credits
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