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How dividend revenue and gain on sale should be reported

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Question - Hulse Company had the following transactions pertaining to stock investments.

Feb 1 - Purchased 600 shares of Wade common stock (2%) for $7,200 cash

July 1 - Received cash dividends of $1 per share on Wade common stock

Sept 1 - Sold 300 shares of Wade common stock for $4,300

Dec 1 - Received cash dividends of $1 per share on Wade common stock

1) Journalize transactions.

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

Reference no: EM132603984

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