On February 12. Addison. Inc. purchased 6.000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22. Lucas paid a $0.42 dividend per share. On November 10.4,000 shares of Lucas stock were sold for $28 per share less a SI60 brokerage fee. The journal entry for the sale would include a debit to Cash, $111, 840 credit to Investments, $112,000 credit to Loss on Sale. $23, 680 debit to Cash, $112,000 In general, consolidated financial statements should be prepared when a corporation owns more than 20% and less than 40% of the common stock of another company when a corporation owns more than 50% of the common stock of another company only when a corporation owns 100% of the common stock of another company whenever the market value of the stock investment is significantly lower than its cost When shares of stock held as an investment are sold, the difference between the proceeds and the carrying amount of the investment is recorded as a(n) prior period adjustment operating income and losses paid-in capital addition gain or loss An investor purchased 500 shares of common stock. $25 par, for $21, 750. Subsequently, 100 shares were sold for $49, 50 per share. What is the amount of gain or loss on the sale? $12, 750 gain $600 gain $600 loss $9, 250 loss