On January 4, Year 1, Barber Company purchased 7,000 shares of Convell Company for $84,000 plus a broker's fee of $1,800. Convell Company has a total of 35,000 shares of common stock outstanding and it is presumed the Barber Company will have a significant influence over Convell. During each of the next two years, Convell declared and paid cash dividends of $0.85 per share, and its net income was $84,000 and $79,000 for Year 1 and Year 2, respectively. The January 12, Year 3, entry to record Barber's sale of 4,200 shares of Convell Company stock, which represents 60% of Barber's total investment, for $56,700 cash should be: Multiple Choice O Debit Cash $56,700; credit Gain on Sale of Investment $11,900; credit Long- Term Investments $44,800. Debito Debit Cash $56,700; debit Loss on Sale of Investment $29,100; credit Long- Term Investments $85,800. o Debit Cash $56,700; debit Loss on Sale of Investment $11,900; credit Long-Term Investments $68,600. Debit Cash $56,700; credit Gain on Sale of Investment $5,220; credit Long- Term Investments $51,480. Debit Cash $56,700; debit Loss on Sale of Investment $7,200; credit Long-Term Investments $63,900