Westbrook Financial Services, Inc. invested $15,000 to acquire 7250 shares of Cloud Investments, Inc. on March 15, 2015. This investment represents less than 20% of the investee's voting stock. On May 7, 2018, Westbrook Financial Services, Inc. sells 2250 shares for $12,250. Which of the following will be the correct journal entry for the May 7, 2018 transaction? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
Explanation: Total cost of 2250 shares at the purchase time $4657.5
(2250 shares × $2.07)
Total value of 2250 shares at the selling time 12,250
Gain on Disposal $7592.5
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