Gator Shoes, Inc., manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2021.
March 1 Purchases 3,000 shares (10%) of Power Drive Corporation’s common stock for $62 per share.
July 1 Receives a cash dividend of $1.25 per share.
December 31 The fair value of Power Drive Corporation’s common stock is $75 per share.
On February 1, 2022, Gator Shoes sells 1,000 shares of Power Drive Corporation’s common stock for $70 per share.

Required:
1. Record each of these transactions in 2021, including an adjustment on December 31 for the investment’s fair value, if appropriate.
2. Record the sale on February 1, 2022.