Ivanhoe Company had the following transactions pertaining to stock investments.

Feb. 1		Purchased 200 shares of Wade common stock (2%) for $2,400 cash.
July 1		Received cash dividends of $1 per share on Wade common stock.
Sept. 1		Sold 100 shares of Wade common stock for $1,450.
Dec. 1		Received cash dividends of $1 per share on Wade common stock.

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Journalize the transactions. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1July 1Sept. 1Dec. 1
Feb. 1July 1Sept. 1Dec. 1
Feb. 1July 1Sept. 1Dec. 1
Feb. 1July 1Sept. 1Dec. 1

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Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.

Dividend revenue and the gain on sale of stock investments are reported under

Dividendsexpensesgross profit / (loss)income before income taxesincome from operationsnet income / (loss)net salesretained earningssales revenuestotal expensestotal operating expensestotal revenuesoperating expensesother expenses and lossesother revenues and gains in the income statement.

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