Business, 18.07.2020 18:01 rainbowboy9231

Westbrook Financial Services, Inc. invested $15,000 to acquire 7,250 shares of Cloud Investments, Inc. on March 15, 2015 This investment represents less than 20% of the investee's voting stock. On May 7, 2018, Westbrook Financial Services, Inc. sells 2,250 shares for $12,250. Which of the following will be the correct journal entry for the May 7, 2018 transaction? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) 12,250 A. Cash 12,250
Gain on Disposal 12,250
B. Cash 12,250
Equity Investments 12.250
C. Loss on Disposal 12,250
Equity Investment 12,250
D. Cash 12,250
Equity Investments 4,657
Gain on Disposal 7,593

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Westbrook Financial Services, Inc. invested $15,000 to acquire 7,250 shares of Cloud Investments, In...

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