The journal entry to record the sale of an available-for-sale investment includes a loss on sale of investment for $700. The income statement will reflect:
A) an other expense of $700.
B) a decrease in net sales of $700.
C) nothing, since the entry impacts only asset accounts.
D) an extraordinary loss of $700.
Correct Answer:
Verified
Q16: Unrealized gains and losses from available-for-sale investments
Q17: The Allowance to Adjust Investment to Market
Q18: Unrealized gains and losses on available-for-sale securities
Q19: The market value of an available-for-sale security
Q20: Available-for-sale investments in stock are initially recorded
Q22: ABC receives a stock dividend of 50
Q23: The receipt of a stock dividend:
A)has no
Q24: Abba Company purchased 1,000 shares of Dabber
Q25: The journal entry to record the receipt
Q26: The Unrealized Gain or the Unrealized Loss
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