George Corporation had the following long$-$term investment transactions. Prepare the journal entries George Corporation should record for these transactions and events.

Jan $2$ Purchased $5,000$ shares of Lenz, Inc. for $$42$ per share plus $$7,000$ in fees and commission. These shares represent & $35\%$ ownership of Lenz.

Oct. $15$ Received Lenz, Inc. cash dividend of $$2$ per share.

Dec$\mathrm{.}31$ Optic reported a net income of $$66,000$ for the year.