On March $1,2024,$ Compass Company invests $$27,900$ in Elite Company stock. Elite pays Compass an $$1,000$ dividend on September $30,2024.$ Compass sells the Elite stock on November $30,2024$ for $$26,000.$ Assume the investment is categorized as a short$-$term equity investment and that Compass does not have significant influence over Elite.

Begin by journalizing Compass' investment on March $1,2024.$

Next, joumalize the receipt of cash dividend on September $30,2024.$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$September $30],[,,,],[,,,],[y,,,]]$

Now journalize the sale of the stock on November $30,2024.$

Requirement $2.$ What was the net effect of the investment on Compass' net income for the year ended December $31,2024.($Use parentheses or a minus sign for a decrease to net income.$)$

The net effect of the investment on Compass' net income for the year ended December $31$ is