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National Financial Services, Inc. invested $30,000 to acquire 3,750 shares of Stonebridge Investments, Inc. on March 15. This investment represents less than 20% of the
National Financial Services, Inc. invested $30,000 to acquire 3,750 shares of Stonebridge Investments, Inc. on March 15. This investment represents less than 20% of the investee's voting stock. On May 7, National Financial Services, Inc. sells 2,250 shares for $18,250. When the journal entry to record the sale is made, ________.
Gain on Disposal will be credited | ||
Equity Investments will be debited | ||
Cash will be credited | ||
Loss on Disposal will be debited |
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