Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 25,000 shares of Grecco Company common stock for $421,000 cash. Grecco has 100,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.60 per share. December 31 Grecco announced that net income for the year is $488,400. Year 2 June 1 Grecco declared and paid a cash dividend of $1.90 per share. December 31 Grecco announced that net income for the year is $702,900. December 31 Kodax sold 8,000 shares of Grecco for $210,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Listed below are a few events and transactions of Kodax Company.
Year 1
January 2 Purchased 25,000 shares of Grecco Company common stock for $421,000 cash. Grecco has 100,000 shares of
common stock outstanding, and its activities will be significantly influenced by Kodax.
September 1 Grecco declared and paid a cash dividend of $1.60 per share.
December 31 Grecco announced that net income for the year is $488,400.
Year 2
June 1 Grecco declared and paid a cash dividend of $1.90 per share.
December 31 Grecco announced that net income for the year is $702,900.
December 31 Kodax sold 8,000 shares of Grecco for $210,000 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.)
View transaction list
Journal entry worksheet
2
3
Note: Enter debits before credits.
Date
December 31, Year 2
Record entry
4
Grecco announced that net income for the year is $702,900.
5
6
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 25,000 shares of Grecco Company common stock for $421,000 cash. Grecco has 100,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.60 per share. December 31 Grecco announced that net income for the year is $488,400. Year 2 June 1 Grecco declared and paid a cash dividend of $1.90 per share. December 31 Grecco announced that net income for the year is $702,900. December 31 Kodax sold 8,000 shares of Grecco for $210,000 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.) View transaction list Journal entry worksheet 2 3 Note: Enter debits before credits. Date December 31, Year 2 Record entry 4 Grecco announced that net income for the year is $702,900. 5 6 General Journal Clear entry Debit Credit View general journal
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