Question
During 2021, Nintendo held three Equity Securities. Information regarding these securities is as follows: Security Date Acquired Acquisition Cost Market Value (12/31/21) Date Sold Sale
During 2021, Nintendo held three Equity Securities. Information regarding these securities is as follows:
| Security | Date Acquired | Acquisition Cost | Market Value (12/31/21) | Date Sold | Sale Price |
| A | 1/16/21 | $55,000 | $49,000 | -- | -- |
| B | 2/22/21 | $64,000 | $67,000 | -- | -- |
| C | 5/11/21 | $97,000 | -- | 8/14/21 | $90,000 |
Based on the information given, what would be the effects on Nintendo's 2021 Income Statement? To answer this write the account name and amount that is reported on the income statement. (Hint: It will be helpful for you to determine the entries to be made during the year of 2021 and on 12/31/21)
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
