The Journal Entry to Record the Sale of a Long-Term

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 $500.The income statement will report:

A) other comprehensive income of $500.
B) other income and gains of $500.
C) an extraordinary gain of $500.
D) accumulated other comprehensive income of $500.