Description of this paper

During 2010 Logic Company purchased 4,000 shares of

Description

solution


Question

During 2010 Logic Company purchased 4,000 shares of Midi, Inc. for $30 per share. The INVESTMENTwas classified as a trading security. During the year Logic Company sold 1,000 shares of Midi, Inc. for $35 per share. At December 31, 2010 the market price of Midi, Inc.'s stock was $28 per share. What is the total amount of gain/(loss) that Logic Company will report in its income statement for the year ended December 31, 2010 related to its INVESTMENT in Midi, Inc. stock? (4 points);($8,000);$5,000;($3,000);($1,000)

 

Paper#25085 | Written in 18-Jul-2015

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