Question
Brief Exercise 12-2 Trading securities S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2013, S&L
Brief Exercise 12-2 Trading securities
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2013, S&L purchased Coca-Cola common shares for $745,000 and sold the shares on January 3, 2014, for $748,500. At December 31, the shares had a fair value of $742,500.
What pretax amounts did S&L include in its 2013 and 2014 earnings as a result of this investment?
2013...... (Gain, Loss, or No gain/loss in earnings) what is the pretax amount?
2014......(Gain, Loss, or No gain/loss in earnings) What is the pretax amount?
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Auditor Essentials 100 Concepts Tips Tools And Techniques For Success
Authors: Hernan Murdock
1st Edition
1138036919, 978-1138036918
