Ns lest: 65 pts poss Services, Inc. invested $15,000 to ac ure 7250 shares of Mi
ID: 2548689 • Letter: N
Question
Ns lest: 65 pts poss Services, Inc. invested $15,000 to ac ure 7250 shares of Mitt Investments, Inc. on March 15, 2013 This reest ent represents less than 20% ofthe Middlebrook Financial Services, Inc. sells 2,250 shares for $14,250. Which of the following will be the correct joumal entry for the May 1,2017 transaction? (Round any and your final answer to the nearest dollar.) O A. Cast O B. Cash vestees vo ng stock n May 1,2017 intermediate calculations to two decimal places 14,250 14 250 14.250 Long-term Investments Available-for-Sale Gain on Disposal 4,658 9,593 O C. Gain on Disposal O D. Cash 14,250 14.250 4 6 7 2 8 0 O.Explanation / Answer
Solution:(1): Option(B) is correct.
Cash A/C Debit xxxx. Long-term investment- available for sale Cr. xxxx
Gain on Disposal Cr. xxxx
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