Question 7 Sandhill Corporation made the following cash purchases of securities during 2017, which is the rst year in which Sandhill invested in...

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Question 7Sandhill Corporation made the following cash purchases of securities during 2017, which is the first year in which Sandhill invested in securities. 1. On January 15, purchased 10,250 shares of Sanchez Company’s common stock at $36.90 per share plus commission $2,230.2. On April 1, purchased 5,250 shares of Vicario Co.’s common stock at $57.20 per share plus commission $3,620.3. On September 10, purchased 7,250 shares of WTA Co.’s preferred stock at $29.20 per share plus commission $5,160. On May 20, 2017, Sandhill sold 4,250 shares of Sanchez Company’s common stock at a market price of $39 per share less brokerage commissions,taxes, and fees of $4,100. The year-end fair values per share were Sanchez $33, Vicario $61, and WTA $30.80. In addition, the chief accountant ofSandhill 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 inprices. The equity method of accounting is not appropriate for these stock purchases. ' (3) Prepare the journal entries to record the above three security purchases. (Round answers to 0 decimal places, e.g. 2,500. Credit account titlesare automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter 0 for the amounts.) No. Date Account Tides and Explanation Debit Credit(1) 45 (2) {F (3) 1* Click if you would like to Show Work for this question: Qpen Show Work LINK TO TEXT