Accounting for Equity Securities-Noninfluential The Glass Company had the following transactions and adjustment related to a stock investment: 2016 Nov. 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 15 Glass is unable to exercise any significant control over Erie. Dec. Received a cash dividend of $2.10 per share of common stock from Erie. 22 Dec. 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. 31 2017 Jan. Sold all 6,000 shares of the Erie common stock for $66,900. 20 Record the transactions and adjustment of the Glass Company using journal entries. General Journal Credit Debit Description Date 11/15/2016 To record purchase of securities. 12/22/2016 To record receipt of dividend. Record the transactions and adjustment of the Glass Company using journal entries. General Journal Date Description 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 Cash To record sale of securities. 4