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Exercise 15-12 Securities transactions; equity method LO P4 Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 24,960 shares of Grecco Co. common stock for $409,000 cash plus a brokers fee of $3,100 cash. Grecco has 96,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.60 per share. Dec. 31 Grecco announced that net income for the year is $488,400. 2018 June 1 Grecco declared and paid a cash dividend of $2.20 per share. Dec. 31 Grecco announced that net income for the year is $702,90e. Dec. 31 Kodax sold 8,000 shares of Grecco for $325,000 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.)

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