3 Exercise D-4 Record equity investments using the fair value method (LO D-2) 2 points eBook 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) Print 2. Record the sale on February 1, 2022. (If no entry is required for a particular transaction/event, select "No Jou In the first account fleld.) View transaction list Journal entry worksheet Record the sale. Note: Enter debits before credits. Date General Journal Debit Credit February 01 Record entry Clear entry View general journal