Greg Financial Services invested $15,000 to acquire 3,750 shares of Mitt Investments on March 15, 2012. This investment represents less than 20% of the investee's voting stock. On May 7, 2016, Greg Financial Services sells 1,750 shares for $12,250. When the transaction is recorded in a journal entry:
A) Gain on Disposal will be credited.
B) Long-term Investments-Available-for-Sale will be debited.
C) Cash will be credited.
D) Long-term Investments-Held-to-Maturity will be debited.
Correct Answer:
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