Accounting for Equity Securities-Noninfluential The Dole Company had the following transactions and adjustment related to a stock investment Record the transactions and adjustment for Dole Company using journal entries General Journal Description 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 $1.20 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 $17.00 per share. Current Year Jan. 20 Sold all 5,000 shares of the Lake common stock for $84,500. Date 11/15/PY 12/22/PY 12/31/PY To record purchase of securities To record receipt of dividend To adjust securities to year-end fair value 1/20/CY Cash To record sale of securities. Previous Save Answers # + + + + Debit 0 0 0 Credit 0 0 0 Homework 9 0 4

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