Accounting for Equity SecuritiesNoninfluential The Dale Company had the following transactions and adjustment related to a stock investment: 2016 Nov. 15 Purchased 5,000 shares of Lake, Inc.'s common stock at $17 per share plus a brokerage commission of $900. Dale Company expects to sell the stock in the near future. Dale is unable to exercise any significant control over Lake. Dec. 22 Received a cash dividend of $2.25 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 $18.50 per share. 2017 Jan. 20 Sold all 5,000 shares of the Lake common stock for $86,400. Record the transactions and adjustment for Dale Company using journal entries. General Journal Description Date Debit Credit 11/15/2016 To record purchase of securities. 12/22/2016 To record receipt of dividend. 12/31/2016 To adjust securities to year-end fair value. 1/20/2017 Stock investment-Noninfluential (Lake) To record sale of securities