On February 12,Addison,Inc.purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee.On August 22,Lucas paid a $0.42 dividend per share.On November 10,4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.The journal entry for the sale would include a
A) debit to Cash,$111,840
B) credit to Investments,$112,000
C) credit to Loss on Sale,$23,680
D) debit to Cash,$112,000
Correct Answer:
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