On September $1,2023,$ Jacob Ltd$.$ purchased $100,000$ common shares for a $20\%$ interest in BlueSky Drilling Corporation for $$15$ per share, and paid a $$7,000$ brokerage commission for the purchase. Jacob Ltd$.$ intends to hold this investment for several years and does not have significant influence over BlueSky Drilling. The market value of the BlueSky Drilling shares at December $31,2023,$ is $$19$ per share. On February $15,2024$ BlueSky Drilling distributed a total dividend to its shareholders of $$50,000.$ Jacob Ltd$.$ sold one$-$half of the shares on June $30,2024$ for $$16$ per share.

$$

$34)$ Which of the following is the correct journal entry to record the purchase?

A$)$

Long$-$Term Investments

$1,500,000$

$$

Brokerage Commission Expense

$7,000$

$$

$$ Cash

$$

$1,507,000$

$$

B$)$

Short$-$Term Investments

$1,500,000$

$$

Brokerage Commission Expense

$7,000$

$$

$$ Cash

$$

$1,507,000$

$$

C$)$

Investment in BlueSky Drilling Common Shares

$1,500,000$

$$

Brokerage Commission Expense

$7,000$

$$

$$ Cash

$$

$1,507,000$

$$

D$)$

Investment in BlueSky Drilling Common Shares

$1,507,000$

$$

$$ Cash

$$

$1,507,000$