On January 1, 2017, Jude Corporation purchases stock in Gelco Company. Jude Corporation owns 15% of the outstanding stock of Gelco Company. Jude Corporation intends to hold the stock for longer than one year. How should Jude Corporation classify this stock?
A) investment in trading securities
B) held-to-maturity investment in bonds
C) short-term investment
D) investment in available-for-sale securities
Correct Answer:
Verified
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