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What the entry to record the sale is

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Problem 1: Sheffield Corporation sells 410 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $58 a share. Sheffield sold the shares for $42 a share. The entry to record the sale is

A. Cash17220                          Stock Investments 17220
B. Cash17220                              Loss on Sale of Stock Investments6560              Stock Investments 23780
C. Cash23780                            Gain on Sale of Stock Investments 6560                  Stock Investments 17220
D. Stock Investments17220                 Loss on Sale of Stock Investments6560                       Cash 23780

 

Reference no: EM132818104

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