Sokoto Corporation sells 1500 shares of common stock being held as a short-term investment. The shares...
Homework Answers
| Account | Debit | Credit |
| Cash (1500*155) | $210,000 | |
| Loss on Sale of Stock Investments | $22,500 | |
| Stock Investments (1500*155) | $232,500 | |
Option a. is correct answer.
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Sokoto Corporation sells 1500 shares of common stock being
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5) 7 Sokoto Corporation sells 1500 shares of common stock being held as a short-term investment. The shares were acquired six months ago at a cost of $155 a share. Sokoto sold the shares for $140 a share. The entry to record the sale is
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