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Business, 09.06.2020 20:57 bear342

Year 1 Jan 2. Purchased 82,000 shares of Grecco Co. common stock for $546,000 cash. Grecco has 246,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax.
Sept. 1 Grecco declared and paid a cash dividend of $1.56 per share.
Dec. 31 Grecco announced that net income for the year is $486,900.

Year 2
June 1 Grecco declared and paid a cash dividend of $2.19 per share.
Dec. 31 Grecco announced that net income for the year is $702, 750.
Dec. 31 Kodax sold 3,000 shares Of Grecco for $71,000 cash.

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

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Year 1 Jan 2. Purchased 82,000 shares of Grecco Co. common stock for $546,000 cash. Grecco has 246,...
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