47. Lockwood Corporation's trading portfolio at the end of the year is as follows: Security Cost Fair Value Common Stock C $10,000 $12,000 Common Stock D 8,000 5.000 $18,000 $17.000 Lockwood subsequently sells Stock C for $12,000. What entry is made to record the sale? a. Cash 12,000 Stock Investments. 12,000 b. Cash 12,000 Fair Value Adjustment Trading 2,000 Stock Investments.. 10,000 c. Cash 12,000 Stock Investments. 10,000 Gain on Sale of Stock Investments 2,000 d. Cash 12,000 Stock Investments. 6,000 Gain on Sale of Stock Investments. 6,000 48. If a parent company acquires wholly owned subsidiary at an amount greater than the book value, the excess should be a. allocated to expense on the date of acquisition. b. allocated to identifiable assets to the extent of their fair values, with any remainder allocated to goodwill. C. allocated to goodwill, with any remainder allocated to the identifiable assets. d. set up as a liability to the controlling interest