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Exercise 17-11 (Part Level Submission) Flint Corporation made the following cash purchases of securities during 2017, which is the first year in which Flint invested in securities. 1. On January 15, purchased 10,120 shares of Sanchez Company's common stock at $46.90 ??? share plus commission-$2,100. 2. On April 1, purchased 5,120 shares of Vicario Co.'s common stock at $72.80 per share plus commission $3,490. 3. On September 10, purchased 7,120 shares of WTA Co.'s preferred stock at $37.10 per share plus commission $5,030 On May 20, 2017, Flint sold 4,120 shares of Sanchez Company's common stock at a market price of $49 per share less brokerage commissions, taxes, and fees of $3,970. The year- end fair values per share were Sanchez $42, Vicario $77, and WTA $39.20. In addition, the chief accountant of Flint 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. Prepare the journal entry for the security sale on May 20. (Round answers to O 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 20, 2017 |Cash 197910 Equity Investments 3,970 Gain on Sale of Investments Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Attempts: 1 of 3 used SAVE FOR LATER SUBHIT