On September 15,Nolan Company Purchases 2,000 Shares of Francis Company

Multiple Choice

On September 15,Nolan Company purchases 2,000 shares of Francis Company common stock for $30,000,including $500 of commissions and brokerage fees.This is Nolan's first and only purchase of this type of investment.On November 1,Nolan sold 500 shares of the Francis Company stock for $8,200.On December 31,the fair value of Francis Company common stock was $16 per share.The journal entry to record the sale of stock on November 1 is:

A) Debit Cash,$8,200; Credit Stock Investments - Francis Company,$7,375; Credit Unrealized Gain - Income,$825.
B) Debit Cash,$8,200; Credit Stock Investments - Francis Company,$7,500; Credit Unrealized Gain - Income,$700.
C) Debit Cash,$8,200; Credit Stock Investments - Francis Company,$7,375; Credit Gain on Sale of Stock Investments,$825.
D) Debit Cash,$8,200; Credit Stock Investments - Francis Company,$7,500; Credit Gain on Sale of Stock Investments,$700.
E) Debit Cash,$8,200; Credit Stock Investments - Francis Company,$8,200.