Grafton Company had the following transactions pertaining to its short-term stock investments.

Jan. 1		Purchased 2,000 shares of Hortez Company stock for $101,100 cash.
June 1		Received cash dividends of $2.70 per share on the Hortez Company stock.
Sept. 15		Sold 1,000 shares of the Hortez Company stock for $49,600.
Dec. 31		The fair values of the securities totaled $50,800. Prepare the adjusting entry to report the portfolio at fair value.

Indicate the income statement effects of the transactions.