Elite Services,Inc B) C) D)

Elite Services,Inc.pays $1,350,000 to acquire 38% of voting stock of Grey Investments,Inc.on March 5,2017.Which of the following is the correct journal entry for the transaction?

A) $$\begin{array} { | l | l | l | } \hline \text { Long-term Investments-Grey Investments, Inc. } & 1,350,000 & \\\hline \text { Cash } & & 1,350,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | l | l | } \hline \text { Long-term Investments-Available-for-Sale } & 1,350,000 & \\\hline \text { Cash } & & 1,350,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | l | l | } \hline \text { Cash } & 1,350,000 & \\\hline \text { Long-term Investments-Available-for-Sale } & & 1,350,000 \\\hline\end{array}$$
D) $$\begin{array} { | l | l | l | } \hline \text { Cash } & 1,350,000 & \\\hline \text { Long-term Investments-Grey Investments, Inc. } & & 1,350,000 \\\hline\end{array}$$