1. During 2021 Cullumber Company purchased 11200 shares of Pharoah Inc. for $42 per share. During the year Cullumber Company sold 3100 shares of Pharoah, Inc. for $47 per share. At December 31, 2021 the market price of Pharoah, Inc.s stock was $40 per share. What is the total amount of gain/(loss) that Cullumber Company will report in its income statement for the year ended December 31, 2021 related to its investment in Pharoah, Inc. stock?

$15500

$-6900

$-22400

$-700

2. Deferred taxes should be presented on the balance sheet

as a current amount.

as reductions of the related asset or liability accounts.

as either noncurrent or current.

as a noncurrent amount.