E16.4 (LO 2), AP Financial Statement Hulse Company had the following transactions pertaining to stock investments, Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300 Dec. 1 Received cash dividends of Si per share on Wade common stock. Instructions a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement