subject
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

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 21:00
The plastic flowerpots company has two manufacturing departments, molding and packaging. at the beginning of the month, the molding department has 2,100 units in inventory, 70% complete as to materials. during the month, the molding department started 18,500 units. at the end of the month, the molding department had 3,150 units in ending inventory, 80% complete as to materials. units completed in the molding department are transferred into the packaging department. cost information for the molding department for the month follows: beginning work in process inventory (direct materials) $ 1,300 direct materials added during the month 28,900 using the weighted-average method, compute the molding department's (a) equivalent units of production for materials and (b) cost per equivalent unit of production for materials for the month. (round "cost per equivalent unit of production" to 2 decimal places.)
Answers: 1
question
Business, 22.06.2019 10:00
In a chapter 7 bankruptcy, a debtor:
Answers: 2
question
Business, 22.06.2019 22:50
Adding a complementary product to what is currently being produced is a demand management strategy used when: a. capacity exceeds demand for a product that has stable demand.b. price increases have failed to bring about demand management.c. demand exceeds capacity.d. demand exceeds 100 percent.e. the existing product has seasonal or cyclical demand.
Answers: 3
question
Business, 22.06.2019 23:10
Tony prince is the project manager for the recreation and wellness intranet project. team members include you, a programmer/analyst and aspiring project manager; patrick, a network specialist; nancy, a business analyst; and bonnie, another programmer/analyst. other people are supporting the project from other departments, including yusaff from human resources and cassandra from finance. assume that these are the only people who can be assigned and charged to work on project activities. recall that your schedule and cost goals are to complete the project in six months for under $200,000.task 2identify at least eight milestones for the recreation and wellness intranet project. write a short paper describing each milestone using the smart criteria. discuss how determining these milestones might add activities or tasks to the gantt chart. remember that milestones normally have no duration, so you must have tasks that will lead to completing the milestone.
Answers: 3
You know the right answer?
Can someone help me prepare these journal entries? I have some of them and tried to post a screensho...
Questions
question
World Languages, 22.05.2020 00:03
Questions on the website: 13722362