Vans Purchased 40,000 Shares of Skechs Ordinary Shares for $232,000

question 129

Multiple Choice

Vans purchased 40,000 shares of Skechs ordinary shares for $232,000. This represents 40% of the outstanding shares. The entry to record the transaction includes a:

• A) Debit to Long-Term Investments for $92,800.
• B) Debit to Long-Term Investments for $232,000.
• C) Credit to Long-Term Investments for $92,800.
• D) Debit to Long-Term Investments-HTM for $232,000.
• E) Debit to Short-Term Investment-AFS for $232,000.

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