Questions of 2 points Save Answer Financial Services Inc. invested $23.750 to acquire 4,750 shares of EDF Investments Inc. on March 15, 2012. This investment represents less than 20% of the investee's voting stock. On May 7, 2016 Financial Services Inc. sells 1,500 shares for $12,230. Which of the following will be the correct journal entry for this transaction? Gain on Disposal $23,750 Long-term Investments Available for Sale $23.750 Cash $23,750 Long-term Investments-Available for Sale $21,750 $21,750 $12,230 Loss on Disposal $11,520 Long-term Investments Available for Sale Cash $12,230 CD Long-term Investment-Available for Sale Gain on Disposal $7,500 54,730