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 yearend fair value of the stock investment in Lake. The yearend 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.