12. 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.