Beak Corporation sells 200 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $25 a share. Beak sold the shares for $40 a share. The entry to record the sale is a. Cash 5,000
Loss on Sale of Stock Investments 3,000
Stock Investments 8,000
b. Stock Investments 8,000
Cash 8,000
c. Cash. 8,000
Gain on Sale of Stock Investments 3,000
Stock Investments 5,000
d. Cash 8,000
Stock Investments 8,000
Correct Answer:
Verified
Q22: Which of the following is not a
Q43: In accounting for debt investments, entries are
Q50: On January 1, 2014, Brenner Company
Q50: If a short-term debt investment is sold
Q51: Tempest Co. purchased 60 6% Urich Company
Q52: Bay Company acquires 60, 8%, 5 year,
Q55: Bay Company acquires 60, 8%, 5 year,
Q56: Ban Co. purchased 50, 5% Waylan Company
Q56: Blaine Company had these transactions pertaining to
Q58: On January 1, 2014, Brenner Company
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents