All stair Corporation sells 500 shares of common stock being held as a short-term investment. The shares were acquired six months ago at a cost of $55 a share. All stair sold the shares for $40 a share. The entry to record the sale is
a. Cash 20,000
Stock Investments 20,000
b. Cash 27,500
Gain on Sale of Stock Investments 7,500
Stock Investments 20,000
c. Cash 20,000
Loss on Sale of Stock Investments 7,500
Stock Investments 27,500
d. Stock Investments 20,000
Loss on Sale of Stock Investments 7,500
Cash 27,000

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Alistair Corporation sells 500 shares of common stock being held as a short-term investment. The shares were acquired six months ago at a cost of $55 a share. Alistair sold the shares for $40 a share. The entry to record the sale is 20,000 Cash 20,000 Stock Investments 27,500 7,500 20,000 Cash Gain on Sale of Stock Investments Stock Investments 20,000 7,500 Loss on Sale of Stock Investments Stock Investments Cash 27,500 20,000 7,500 27,000 Stock Investments Loss on Sale of Stock Investments Cash