Cooke Corporation sells 400 shares of common stock being held as a short-term investment. The shares were acquired six months ago at a cost of $55 a share. Cooke sold the shares for $40 a share. The entry to record the sale is

Dr Cash 16,000

Dr Loss on Sale of Stock investment 6,000

Cr Stock Investments 22,000

Explanation:

Preparation of the Journal entry to record the sale

Based on the information given we were told that the Corporation sells shares of 400 common stock which is being held as a short-term investment in which the shares were been acquired 6 months ago at the amount of $55 per share which means that if Cooke sold the shares for the cost of $40 per share. The entry to record the sale will be :

Dr Cash 16,000

(400*40 shares)

Dr Loss on Sale of Stock investment 6,000

(22,000-16,000)

Cr Stock Investments 22,000

(400*55 shares)

(Being to record sales)

the answer is d

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