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Beak Corporation Sells 200 Shares of Common Stock Being Held  Cash 5,000 Loss on Sale of Stock Investments3,000 Stock Investments 8,000\begin{array}{llr} \text { Cash } &5,000\\ \text { Loss on Sale of Stock Investments} &3,000\\ \text { Stock Investments } &&8,000\end{array}

Question 44

Short Answer

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 Investments3,000 Stock Investments 8,000\begin{array}{llr} \text { Cash } &5,000\\ \text { Loss on Sale of Stock Investments} &3,000\\ \text { Stock Investments } &&8,000\end{array}

b.
Stock Investments 8,000 Cash 8,000\begin{array}{llr} \text {Stock Investments } &8,000\\ \text { Cash } &&8,000\\\end{array}

c.
Cash 8,000 Loss on Sale of Stock Investments 3,000 Stock Investments 5,000\begin{array}{llr} \text {Cash } &8,000\\ \text { Loss on Sale of Stock Investments } &&3,000\\ \text { Stock Investments } &&5,000\end{array}

d.
 Cash 8,000 Stock Investments 8,000\begin{array}{llr} \text { Cash } &8,000\\ \text { Stock Investments } &&8,000\\\end{array}

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