Press Corporation sells three-quarters of its 80% interest in Sim Corporation on January 1, 2021 for $352,500, leaving it holding 20% of Sim's 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 $482.400 117,500 Fair value of remaining 20% interest in Sim The entry representing the sale of investment needed on January 1, 2021 includes: Select one: O a. Debit Cash $352 500; Loss on sale of investment $129.900Credit Investment in Sim $482.400 O b. Debit Cash $352,500 Credit investment in Sim $222,600: Gain on sale of investment $129.900 c. Debit Cash $352.500 Credit Investment in Sim $352,500. d. Debit Cash $352,500: Loss on sale of investment $12.400 Credit Investment in Sim $364 900. Press Corporation sells three-quarters of its 80% interest in Sim Corporation on January 1, 2021 for $352,500, leaving it holding 20% of Sim's 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 $482.400 117,500 Fair value of remaining 20% interest in Sim The entry representing the sale of investment needed on January 1, 2021 includes: Select one: O a. Debit Cash $352 500; Loss on sale of investment $129.900Credit Investment in Sim $482.400 O b. Debit Cash $352,500 Credit investment in Sim $222,600: Gain on sale of investment $129.900 c. Debit Cash $352.500 Credit Investment in Sim $352,500. d. Debit Cash $352,500: Loss on sale of investment $12.400 Credit Investment in Sim $364 900