1. Priceless company had the following transactions pertaining to stock investments:

Feb 1, Purchased 3,000 shares of Hudson Company (10% ownership) at the market price of %17 per share.

June 1, Received cash dividends of $6,000 on Hudson Company stock

Oct 1 sold 3,000 shares of Hudson stock for $54,000 the entry to record the sale of Priceless would include a :

a. ___ debit to long term Investment for 451,000

b. ___credit to long term investment for $51,000

c. ___debit to gain on sale of investment $3,000

d. ___debit to loss on sale of investment $3,000