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During the current year, Yankton Corp. purchased 200 shares of Sorros Inc. for $13,000 as a held-for-trading investemnt. At the end of the year, the
During the current year, Yankton Corp. purchased 200 shares of Sorros Inc. for $13,000 as a held-for-trading investemnt. At the end of the year, the market value of the shares was $11,000. What should Yankton Corp's financial statements for the current year show? a) a loss of $2,000 on the income statement and held-for-trading investments of$11,000 on the balance sheet. b) a gain of $2,000 on the income statement and held-for-trading investments of $11,0000 on the balance sheet. c) no loss on the incoe statement and held-for-trading investments of $13,000 on the balance sheet. old. for trading investments
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