Accounting for Equity Securities$$Noninfluential

The Dole Company had the following transactions and adjustment related to a stock investment:

Previous Year

Nov. $15$ Purchased $5,000$ shares of Lake, Inc.$$s common stock at $$16$ per share plus a brokerage commission of $$900.$ Dole Company expects to sell the stock in the near future.

Dole is unable to exercise any significant control over Lake.

Dec. $22$ Received a cash dividend of $$1\mathrm{.}20$ per share of common stock from Lake.

Dec. $31$ Made the adjusting entry to reflect year$$end fair value of the stock investment in Lake. The year$$end market price of the Lake common stock is $$17\mathrm{.}00$ per share.

Current Year

Jan. $20$ Sold all $5,000$ shares of the Lake common stock for $$84,500.$