Question
On February 15, Jewel Company buys 8,600 shares of Marcelo Corp. common stock at $29.33 per share. The stock is classified as a stock investment
On February 15, Jewel Company buys 8,600 shares of Marcelo Corp. common stock at $29.33 per share. The stock is classified as a stock investment with insignificant influence. This is the company's first and only stock investment. On March 15, Marcelo Corp declares a dividend of $1.55 per share payable to stockholders of record on Apre 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $30.10 per share. The joumal entry to record the sale of the 4,300 shares of stock on November 17 is: Multiple Choice Debit Cash $126.19 debit Less on Sale of Stock Investments $3.311, credit Stock Investments $129,430 Debit Cash $129,430: credit Stock Investments $126.319, credit Gain on Sale of Stock Investments $3.311 Debit Cash $129,430; credit Long-Term Investments-Trading $126.119 credit Gain on Sale of Long-Term Investments $3.31 Debit Cash $129.430, credit Long-Term Investments-Trading $126.19 debit Gain on Sale of Long-Term Investments $3,311 Debit Cash $129.430: credit Long-Term Investments-AFS $126.19 credit Gain on Sale of Long-Term investments $3.3 On February 15, Jewel Company buys 8,600 shares of Marcelo Corp. common stock at $29.33 per share. The stock is classified as a stock investment with insignificant influence. This is the company's first and only stock investment. On March 15, Marcelo Corp declares a dividend of $1.55 per share payable to stockholders of record on Apre 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $30.10 per share. The joumal entry to record the sale of the 4,300 shares of stock on November 17 is: Multiple Choice Debit Cash $126.19 debit Less on Sale of Stock Investments $3.311, credit Stock Investments $129,430 Debit Cash $129,430: credit Stock Investments $126.319, credit Gain on Sale of Stock Investments $3.311 Debit Cash $129,430; credit Long-Term Investments-Trading $126.119 credit Gain on Sale of Long-Term Investments $3.31 Debit Cash $129.430, credit Long-Term Investments-Trading $126.19 debit Gain on Sale of Long-Term Investments $3,311 Debit Cash $129.430: credit Long-Term Investments-AFS $126.19 credit Gain on Sale of Long-Term investments $3.3
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