Listed below are a few events and transactions of Kodax Company. Year 1 ...

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Accounting

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 $1.70 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 $1.70 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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