Nagen Company Had These Transactions Pertaining to Share Investments: Feb

question 58

Multiple Choice

Nagen Company had these transactions pertaining to share investments: Feb. 1 Purchased 2,000 shares of Horton Company (10%) for ₤34,000 cash.
June 1 Received cash dividends of ₤2 per share on Horton shares.
Oct) 1 Sold 800 Horton shares for ₤.15,600.
The entry to record the sale of the shares would include a

• A) debit to Cash for ₤13,600.
• B) credit to Gain on Sale of Share Investments for ₤3,600.
• C) debit to Share Investments for ₤13,600.
• D) credit to Gain on Sale of Share Investments for ₤2,000.

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