Accounting for Equity Securities-Noninfluential The Glass Company had the following transactions and adjustment related to a stock investment: 2016 Nov. 15 Purchased 6,000 shares of Erie, Inc.'s common stock at $13 per share plus a brokerage commission of $750. Glass expects to sell the stock in the near future. Glass is unable to exercise any significant control over Erie Dec. 22 Received a cash dividend of $2.10 per share of common stock from Erie. Dec. 31 Made the adjusting entry to reflect year-end fair value of the stock investment in Erie. The year-end market price of the Erie common stock is $12.25 per share. 2017 Jan. 20 Sold all 6,000 shares of the Erie common stock for $66,900. Record the transactions and adjustment of the Glass Company using journal entries. General Journal Date Description Debit Credit 11/15/2016 Stock investment-noninfluential (Erie) 78,750 Cash 0 78,750 To record purchase of securities. 12/22/2016 Cash 12,600 Dividend income 12,600 To record receipt of dividend. 12/31/2016 Stock investment-noninfluential (Erie) 4,500 Unrealized gain on investments (income) 4,500 To adjust securities to year-end fair value. 1/20/2017 Cash 66,900 Loss on sale of investments 16,350 Stock investment-noninfluential (Erie) 83,250 Cash Dividend income Gain on sale of investments Loss on sale of investments a Save Ans Stock investment-noninfluential (Erie) Unrealized gain on investments (income) Unrealized loss on investments (income)