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. 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
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. 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
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 8SPA
Related questions
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.
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcba5c243-d3c4-478f-8b27-e10a19198737%2Fe67ce771-8a7d-4a02-93fb-dc1881c83fa3%2Fakxv09_processed.png&w=3840&q=75)
Transcribed Image Text: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.
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
![View transaction list
Journal entry worksheet
1
2
3
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.
Note: Enter debits before credits.
Date
January 2, Year 1
Record entry
4 5 6
General Journal
Clear entry
Debit
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcba5c243-d3c4-478f-8b27-e10a19198737%2Fe67ce771-8a7d-4a02-93fb-dc1881c83fa3%2Fxgzk62r_processed.png&w=3840&q=75)
Transcribed Image Text:View transaction list
Journal entry worksheet
1
2
3
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.
Note: Enter debits before credits.
Date
January 2, Year 1
Record entry
4 5 6
General Journal
Clear entry
Debit
Credit
View general journal
>
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