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.

Take deep breaths and try to calm yourself down

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan