Gray Financial Services,Inc.invested $24,000 to acquire 7,250 shares of Mitt Investments,Inc.on March 15,2013.This investment represents less than 20% of the investee's voting stock.On May 7,2017,Gray Financial Services,Inc.sells 2,250 shares for $13,250.When the journal entry to record the sale is made,________.
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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