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Elite Services, Inc. pays $1,350,000 to acquire 38% of voting stock of Grey Investments, Inc. on ...

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Elite Services, Inc. pays $1,350,000 to acquire 38% of voting stock of Grey Investments, Inc. on ...

Elite Services, Inc. pays $1,350,000 to acquire 38% of voting stock of Grey Investments, Inc. on March 5, 2017. Which of the following is the correct journal entry for the transaction?

A) Cash   1,350,000
Long-term InvestmentsAvailable-for-Sale      1,350,000

B) Long-term InvestmentsGrey Investments, Inc.   1,350,000
Cash      1,350,000

C) Long-term InvestmentsAvailable-for-Sale   1,350,000
Cash      1,350,000

D) Cash   1,350,000
Long-term InvestmentsGrey Investments, Inc.      1,350,000

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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YES! Can't believe I got this one right. Appreciate the confirmation

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