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Prepare journal entries to record the transactions

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Question - 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.

Required - Prepare journal entries to record the above transactions and events of Kodax Company.

Reference no: EM133127574

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