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Aggie Memorabilia, Inc s core business operations is buying and selling autographed Aggie sports memorabilia at a profit. In 2 0 1 2 , Aggie
Aggie Memorabilia, Incs core business operations is buying and selling autographed Aggie sports memorabilia at a profit. In Aggie Memorabilia purchased shares of stock in the company Facebook as an investment; they paid $share In Aggie Memorabilia sold all of the shares of the stock at $share Which of the following best describes how Aggie Memorabilia should account for the sale of stock in
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There should be a decrease in Common Stock because stock was sold
There should be an increase in revenue because Aggie Memorabilias financial positionassets improved as a result of the transaction
There should be an increase in gains because Aggie Memorabilias financial positionassets improved as a result of the transaction but the sale was not part of the major operations of Aggie Memorabilia
There is no effect on Aggie Memorabilias financials in based on the transaction that occurred
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