On February 15,Jewel Company buys bonds of Marcelo Corp.for $200,110 cash.This debt investment is classified as available-for-sale securities.This is the company's first and only investment in available-for-sale securities.Jewel Company sells 40% of the Marcelo Corp.debt investment on November 17 of the current year for $102,200 cash.The entry to record this sale includes a:
A) Debit to Cash for $80,044.
B) Credit to Debt Investments-AFS for $80,044.
C) Debit to Loss on Sale of Debt Investments for $22,156.
D) Debit to Debt Investments-AFS for $80,044.
E) Credit to Loss on Sale of Debt Investments for $22,156.
Correct Answer:
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