Cronie Enterprises purchased 10,000 shares of stock in Vector Corporation for $15 per share. Cronie's broker arranged for Cronie to pay only $4 cash per share at the date of purchase with the remaining balance to be paid in monthly installments. Cronie should record the investment by:
a. debiting the investment account for $40,000.
b. debiting the investment account for $150,000.
c. debiting the investment account for $100,000, and crediting a contra account for $60,000.
d. not making an entry until the cost of the securities is paid in full.
B
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