Hulse Company had the following transactions pertaining to stock investments
Hulse Company had the following transactions pertaining to stock investments.
Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash.
July 1 Received cash dividends of $1 per share on Wade common stock.
Sept. 1 Sold 300 shares of Wade common stock for $4,300.
Dec. 1 Received cash dividends of $1 per share on Wade common stock.

Instructions
(a) Journalize the transactions.
(b) Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.

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