Accounting for Equity Securities-Influential The Dunn Company had the following transactions and adjustment related to a stock investment: 2016 Jan. 15 Purchased 12,000 shares of Van, Inc.'s common stock at $10 per share plus a brokerage commission of $900. These shares represent a 30 percent ownership of Van's common stock. Dec. 31 Received a cash dividend of $2.25 per share of common stock from Van. Dec. 31 Made the adjusting entry to reflect income from the Van stock investment. Van's 2016 net income is $85,000. 2017 Jan. 20 Sold all 12,000 shares of the Van common stock for $125,500. Record the transactions and adjustment of the Dunn Company using journal entries. Credit Debit 900 * 0 120,900 27,000 0 0 27,000 General Journal Date Description 1/15/2016 Gain on sale of investmen X Cash To record purchase of equity securities. 12/31/2016 Cash Stock investment-influe To record receipt of dividend. 12/31/2016 Stock investment-influent Income from stock inve: To record portion of Van's net income. 1/20/2017 Cash Loss on sale of investme X Stock investment-influential (Van) To record sale of equity securities. 25,500 0 0 25,500 ov 125,500 20,000 x 0 0x 145,500 x