Exercise 17-11 Sunland Corporation made the following cash purchases of securities during 2017, which is the first year in which Sunland invested in securities. 1. On January 15, purchased 10,240 shares of Sanchez Company's common stock at $46.90 per share plus commission $2,220. 2. On April 1, purchased 5,240 shares of Vicario Co.'s common stock at $72.80 per share plus commission $3,610. 3. 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, Sunland 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 542, Vicario $77, and WTA $39.20. In addition, the chief accountant of Sunland 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 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 May 20, 2017 Cash 203670 Equity Investments 197815 Gain on Sale of Investments 5855 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Compute the unrealized gains or losses. (Round answer to 0 decimal places, e.g. 2,500.) 197815 Unrealized Losses Prepare the adjusting entries for Sunland 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 197815 Fair Value Adjustment 197815