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Year 1 Jan. 2 Purchased 75,000 shares of...

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Accounting

Year 1

Jan. 2 Purchased 75,000 shares of Grecco Co. common stock for $531,000 cash. Grecco has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax.
Sept. 1 Grecco declared and paid a cash dividend of $1.70 per share.
Dec. 31 Grecco announced that net income for the year is $504,900.

Year 2

June 1 Grecco declared and paid a cash dividend of $3.40 per share.
Dec. 31 Grecco announced that net income for the year is $730,400.
Dec. 31 Kodax sold 9,000 shares of Grecco for $131,000 cash.

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

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