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 < 1 2 3 4 5 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. Note: Enter debits before credits. Date January 2, Year 1 Record entry 6 General Journal Clear entry Debit Credit View general Journal >

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 < 1 2 3 4 5 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. Note: Enter debits before credits. Date January 2, Year 1 Record entry 6 General Journal Clear entry Debit Credit View general Journal >

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 8SPB

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