On January 4, Year 1, Barber Company purchased 9,500 shares of Convell Company for $116,800. Convell Company has a total of 47,500 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 $0.75 per share, and its net income was $99,000 and $94,000 for Year 1 and Year 2, respectively. The January 2, Year 3, entry to record Barber's sale of 5,700 shares of Convell Company stock, which represents 60% of Barber's total investment, for $76,950 cash, should be: Multiple Choice Debit Cash $76,950 bit Loss on Sale estment $7,740 credit Equity Method Investments $84,690. Debit Cash $76,950; debit Lass on Sale of Stock Investment $6,870; credit Equity Method investments $70,080. Debit Cash $76,950, credit Gain on Sale of Stack Investment 514.250; eredit Eouity Method investments $62,700. Debit Cash $76,950; creclit Gain on Sale of Stacc Investment $14.250, credit Equity Method Investments $91.200. Debit Cash $75,950; debit Loss on Sale of Stock Investment $39.850;credit Equity Method Investments $116,800