4. False returns account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sales will be returned. During 2016, customers returned merchandise for credit of $28,000 to their accounts. Value Hardware began 2016 with a credit balance of $32.000 in the allowance for sales False Value's 2016 income statement would report net sales of: A. $622,000 B. $607,000 C. $646,000 D. $611,000 On January 1, 2016, Nana Company paid $100,000 for 8,000 shares of Papa Company stock. These securities were classified as trading securities. The ownership in Papa common Company is 10%. fair value of the Papa stock on that date was $45 per share. What amount will be reporte Papa reported net income of $52,000 for the year ended December 31, 2016. The d in the balance sheet of Nana Company for the investment in Papa at December 31, 2016 A. $284,400 B. $300,000 C. $315,600 D. $360,000 6. On January 1, 2016, Everglade Company purchased the following securities and properly accounted for them as securities available for sale: Security ABC DEF XYZ $40,000 72,000 16,000 Cost Fair value on 12/31/2016 $55,000 65,000 20,000 All declines in value are considered temporary. What amount should the Everglade Company report relative to these securities in its 2016 statement of other comprehensive income? A. $0 B. $19,000 unrealized gain C. $12,000 net unrealized gain D. $7,000 unrealized loss