8. Exercise 15-12 Securities transactions; equity method LOP4
Listed below are a few events and transactions of KodaxCompany.
2017
| Jan. | 2 | Purchased 24,000shares of Grecco Co. common stock for $412,000 cash plus a broker’sfee of $3,400 cash. Grecco has 100,000 shares of common stockoutstanding, and its policies will be significantly influenced byKodax. |
| Sept. | 1 | Grecco declared andpaid a cash dividend of $1.90 per share. |
| Dec. | 31 | Grecco announcedthat net income for the year is $492,900. |
2018
| June | 1 | Grecco declared andpaid a cash dividend of $2.50 per share. |
| Dec. | 31 | Grecco announcedthat net income for the year is $710,400. |
| Dec. | 31 | Kodax sold 12,000shares of Grecco for $340,000 cash. |
Prepare journal entries to record the above transactions and eventsof Kodax Company. (Do not round intermediate calculationsand round your final answers to the nearest dollaramount.)
