Brief Exercise 12-6 Fair value option; available-for-sale securities [LO12-7]

S&L Financial buys and sells securities that it typically classifies as available-for-sale. On December 27, 2013, S&L purchased Coca-Cola common shares for $805,000 and sold the shares on January 3, 2014, for $809,000. At December 31, the shares had a fair value of $800,500. When it purchased the Coca-Cola shares, S&L Financial decided to elect the fair value option for this investment.

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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