Business
Business, 21.03.2020 09:56, SESDMANS9698

Can someone help me prepare these journal entries? I have some of them and tried to post a screenshot but was told my image was not clear enough and I can't seem to fix it. This is the information I need help with.

Listed below are a few events and transactions of Kodax Company.

2015
Jan. 2
Purchased 22,720 shares of Grecco Co. common stock for $418,000 cash plus a broker’s fee of $4,000 cash. Grecco has 71,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax.

Sept. 1 Grecco declared and paid a cash dividend of $2.50 per share.
Dec. 31 Grecco announced that net income for the year is $501,900.

2016
June 1 Grecco declared and paid a cash dividend of $3.10 per share.
Dec. 31 Grecco announced that net income for the year is $725,400.
Dec. 31 Kodax sold 11,000 shares of Grecco for $370,000 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.)

1.

Purchased 22,720 shares of Grecco Co. common stock for $418,000 cash plus a broker’s fee of $4,000 cash. Grecco Co. has 71,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax.

2.

Grecco declared and paid a cash dividend of $2.50 per share.

3.

Grecco announced that net income for the year is $501,900.

4.

Grecco declared and paid a cash dividend of $3.10 per share.

5.

Grecco announced that net income for the year is $725,400.

6.

Kodax sold 11,000 shares of Grecco for $370,000 cash.

This is what I have so far.

Jan 02, 2015 Long-term investments—Grecco 422,000
Cash 422,000
Sep 01, 2015 Cash 56,800
Long-term investments—Grecco 56,800
Dec 31, 2015 Long-term investments—Grecco
Earnings from long-term investment
Jun 01, 2016 Cash 70,432
Long-term investments—Grecco 70,432
Dec 31, 2016 Long-term investments—Grecco
Earnings from long-term investment
Dec 31, 2016 Cash 370,000
Long-term investments—Grecco
Gain on sale of investment

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