Sheridan Inc. had these transactions pertaining to investments in common stock: Jan. 1 Purchased 1,270 shares of Gate Corporation common stock (5% of outstanding shares) for $63,500 cash. July 1 Received a cash dividend of $7 per share. a Dec. 1 Sold 850 shares of Gate Corporation common stock for $44,200 cash. 31 Received a cash dividend of $7 per share. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate values. Round final answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1