help

On January 4, Year 1, Chocolate Eggs Company purchased 5,000 shares of Marshmallow Company for $60,500. Marshmallow Company has a total of 25,000 shares of common stock outstanding; assume the normal level of influence. During each of the next two years, Marshmallow declared and paid cash dividends of $0.85 per share, and its net income was $72,000 in Year 1 and $67,000 in Year 2. On January 2 of Year 3, Chocolate Eggs sold 3,000 shares of the Marshmallow stock for $39,000 cash. The journal entry to record that sale would be: 39,000 8,280 47,280 39,000 2,700 36,300 Cash Loss on Sale of Investment Investment - Marshmallow Corp. Cash Gain on Sale of Investment Investment - Marshmallow Corp. Cash Loss on Sale of Investment Investment - Marshmallow Corp. Cash Loss on Sale of Investment Investment - Marshmallow 39,000 8,880 47,880 39,000 21,500 60,500