Multiple Choice
The journal entry to record the sale of a long-term available-for-sale investment includes a Gain on Sale of Investment in Available-for-Sale Securities for $700. The income statement will report:
A) other comprehensive income of $700.
B) other income and gains of $700.
C) an extraordinary gain of $700.
D) accumulated other comprehensive income of $700.
Correct Answer:
Verified
Correct Answer:
Verified
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