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Lessington Corporation purchases 4,000 shares of Gonzalez Company common stock for $150,000 as a long-term investment. The investment is classified as available-for-sale securities. Gonzalez has

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Lessington Corporation purchases 4,000 shares of Gonzalez Company common stock for $150,000 as a long-term investment. The investment is classified as available-for-sale securities. Gonzalez has 500,000 shares of stock currently outstanding and the par value of the stock is $1 per share. Lessington's entry to record the purchase transaction would include a: Debit to Long-Term Investments-AFS for $150,000. Credit to Common Stock for $150,000. Credit Gain on Long-Term Investment $146,000. Debit to Long-Term Investments-AFS for $4,000. Credit to Common Stock for $4,000

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