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

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

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

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