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Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 20,000 shares of Grecco Co. common stock for $414,000 cash plus a broker's fee of $3,600 cash. Grecco has 100,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $495,900. 2018 June 1 Grecco declared and paid a cash dividend of $2.70 per share. Dec. 31 Grecco announced that net income for the year is $715,400. Dec. 31 Kodax sold 12,000 shares of Grecco for $350,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.)

Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 20,000 shares of Grecco Co. common stock for $414,000 cash plus a broker's fee of $3,600 cash. Grecco has 100,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $495,900. 2018 June 1 Grecco declared and paid a cash dividend of $2.70 per share. Dec. 31 Grecco announced that net income for the year is $715,400. Dec. 31 Kodax sold 12,000 shares of Grecco for $350,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 02, 2017 No Transaction Recorded 2 Sep 01, 2017 No Transaction Recorded 3 Dec 31, 2017 No Transaction Recorded 4 Jun 01, 2018 No Transaction Recorded Dec 31, 2018 No Transaction Recorded Dec 31, 2018 No Transaction Recorded :......:
Transcribed Image Text:View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 02, 2017 No Transaction Recorded 2 Sep 01, 2017 No Transaction Recorded 3 Dec 31, 2017 No Transaction Recorded 4 Jun 01, 2018 No Transaction Recorded Dec 31, 2018 No Transaction Recorded Dec 31, 2018 No Transaction Recorded :......:
Listed below are a few events and transactions of Kodax Company. 2017 2 Purchased 20,000 shares of Grecco Co. common stock for $414,000 cash plus a broker's fee of $3,600 cash. Grecco has 100,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Jan. Sept. 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $495,900. 2018 June 1 Grecco declared and paid a cash dividend of $2.70 per share. Dec. 31 Grecco announced that net income for the year is $715,400. Dec. 31 Kodax sold 12,000 shares of Grecco for $350,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.)
Transcribed Image Text:Listed below are a few events and transactions of Kodax Company. 2017 2 Purchased 20,000 shares of Grecco Co. common stock for $414,000 cash plus a broker's fee of $3,600 cash. Grecco has 100,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Jan. Sept. 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $495,900. 2018 June 1 Grecco declared and paid a cash dividend of $2.70 per share. Dec. 31 Grecco announced that net income for the year is $715,400. Dec. 31 Kodax sold 12,000 shares of Grecco for $350,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.)
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