Press Corporation sells three-quarters of its 80% interest in Sim Corporation on January 1, 2021 for $352,500, leaving it holding 20% of Sims outstanding stock. Under this situation, Press loses control of Sim. The following data relate to the discontinuance of consolidation. Fair value of Sim as a whole $587,500 Carrying amount of Press 80% interest in Sim $482,400 Fair value of remaining 20% interest in Sim 117,500 The entry representing the sale of investment needed on January 1, 2021 includes: Select one: a. Debit Cash $352,500 Credit Investment in Sim $222,600; Gain on sale of investment $129,900 b. Debit Cash $352,500; Loss on sale of investment $12,400 Credit Investment in Sim $364,900. c. Debit Cash $352,500; Loss on sale of investment $129,900 Credit Investment in Sim $482,400 d. Debit Cash $352,500 Credit Investment in Sim $352,500.

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