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Colvis Corporation purchased an available-for-sale investment in 1, 100 shares of Southwest Supplies stock for $30 per share. On the next balance sheet date. Southwest
Colvis Corporation purchased an available-for-sale investment in 1, 100 shares of Southwest Supplies stock for $30 per share. On the next balance sheet date. Southwest Supplies stock is quoted at $33 per share. Colvis sold the Southwest Supplies stock for $48.000 two months later. Colvis' income statement for the period of the sale should report a(n) A. gain on sale of $15,000. B. investments of $48,000. C. loss on sale of $15,000. D. unrealized gain of $3, 300
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