Westbrook Financial Services, Inc. invested $15,000 to acquire 7,250 shares of Cloud Investments, Inc. on...
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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 OA. Cash O B. Cash C. Loss on Disposal O D. Cash Gain on Disposal Equity Investments Equity Investments Equity Investments 12,250 12,250 12,250 12.250 1225o 12,250 12,250 4,657 7,593 Gain on Disposal
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