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3 years ago

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

Business

1 answer:

oksian1 [2.3K]3 years ago

7 0

Answer:

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.

Dr Investment in Grecco Co. 546,000

Cr Cash 546,000

Sept. 1 Grecco declared and paid a cash dividend of $1.30 per share.

Dr Cash 106,600

Cr Investment in Grecco Co. 106,600

Dec. 31 Grecco announced that net income for the year is $510,900.

Dr Investment in Grecco Co. 170,300

Cr Revenue from investment in Grecco Co. 170,300

Year 2

June 1 Grecco declared and paid a cash dividend of $3.20 per share.

Dr Cash 262,400

Cr Investment in Grecco Co. 262,400

Dec. 31 Grecco announced that net income for the year is $740,400.

Dr Investment in Grecco Co. 246,800

Cr Revenue from investment in Grecco Co. 246,800

Dec. 31 Kodax sold 13,000 shares of Grecco for $99,500 cash.

each share is worth = $7.2695

Dr Cash 99,500

Cr Investment in Grecco Co. 94,504

Cr Gain from investment in Grecco Co. 4,996

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