E16.4 (LO 2), AP Financial Statement Hulse Company had the following transactions pertaining to stock investments. Feb. 1 July 1 Sept. 1 Dec. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. Received cash dividends of $1 per share on Wade common stock Sold 300 shares of Wade common stock for $4,300. Received cash dividends of $1 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