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Number 6 for Dec 31 is not right. Please help me
y work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2017 Jan. 2 Purchased 25,800 shares of Grecco Co. common stock for $417,00e cash plus a brokers fee of $3,900 cash. Grecco has 86,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $2.40 per share. Dec. 31 Grecco announced that net income for the year is $500,400. 2018 June 1 Grecco declared and paid a cash dividend of $3.00 per share. Dec. 31 Grecco announced that net income for the year is $722,900. Dec. 31 Kodax sold 10,000 shares of Grecco for $365,000 cash. < Prev 7of 7 Next 3/23/20
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Answer #1

Journal entry :

No. Date Accounts & explanation debit credit
6 Dec 31, 2018 Cash 365000

Long term investment-Grecco

(648570/25800*10000)

251384
Gain on sale of investment 113616
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