Accounting for Equity SecuritiesNoninfluential 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 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. Cash 1/20/2017 To record sale of securities