Exercise 17-11 Pronghorn Corporation made the following cash purchases of securities during 2017, which is the first year in which Pronghorn invested in securities. 1. 2. 3. On January 15, purchased 10,240 shares of Sanchez Company's common stock at $46.90 per share plus commission $2,220. On April 1, purchased 5,240 shares of Vicario Co.'s common stock at $72.80 per share plus commission $3,610. On September 10, purchased 7,240 shares of WTA Co.'s preferred stock at $37.10 per share plus commission $5,150. On May 20, 2017, Pronghorn sold 4,240 shares of Sanchez Company's common stock at a market price of $49 per share less brokerage commissions, taxes, and fees of $4,090. The year- end fair values per share were Sanchez $42, Vicario $77, and WTA $39.20. In addition, the chief accountant of Pronghorn told you that the corporation plans to hold these securities for the long-term but may sell them in order to earn profits from appreciation in prices. The equity method of accounting is not appropriate for these stock purchases. Your answer is partially correct. Try again. Compute the unrealized gains or losses. (Round answer to 0 decimal places, e.g. 2,500.) Unrealized I Losses Losse Unrealized 1842 Prepare the adjusting entries for Pronghorn on December 31, 2017. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Tunrealized Holding Gain or Loss - Income 1842 Fair Value Adjustment 1842