Year 1 January 2 Purchased 75,000 shares of Grecco Company common stock for $531,000 cash. Grecco has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $504,900. Year 2 June 1 Grecco declared and paid a cash dividend of $3.40 per share. December 31 Grecco announced that net income for the year is $730,400. December 31 Kodax sold 9,000 shares of Grecco for $131,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. Note: Do not round intermediate calculations and round your final answers to the nearest dollar amount.

Year 1 January 2 Purchased 75,000 shares of Grecco Company common stock for $531,000 cash. Grecco has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $504,900. Year 2 June 1 Grecco declared and paid a cash dividend of $3.40 per share. December 31 Grecco announced that net income for the year is $730,400. December 31 Kodax sold 9,000 shares of Grecco for $131,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. Note: Do not round intermediate calculations and round your final answers to the nearest dollar amount.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 24E

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CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions: Apr. 15 Declared a semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of 50 par preferred stock and 70,000 shares of 1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at 15 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions.
Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 72,000 shares of Grecco Company common stock for $566,000 cash. Grecco has 216,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.10 per share. December 31 Grecco announced that net income for the year is $513,900. Year 2 June 1 Grecco declared and paid a cash dividend of $3.90 per share. December 31 Grecco announced that net income for the year is $745,400. December 31 Kodax sold 12,000 shares of Grecco for $125,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. Note: Do not round intermediate calculations and round your final answers to the nearest dollar amount. View transaction list Journal entry worksheet 1 2 3 4 5 6 Purchased 72,000 shares of Grecco Company common stock for $566,000 cash. Grecco has 216,000 shares of common stock…
Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 40,000 shares of Grecco Company common stock for $431,000 cash. Grecco has 120,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $489,900. Year 2 June 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $705,400. December 31 Kodax sold 9,000 shares of Grecco for $160,000 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.) View transaction list Journal entry worksheet < 1 2 Note: Enter debits before credits. Date September 1, Year 1 3 Cash 4 Grecco declared and paid a cash dividend of $1.70 per share. 5 6…