Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 660 shares of Wade common stock (2%) for $7,920 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 330 shares of Wade common stock for $4,950. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Journalize the transactions. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.