Question
Michael Company purchased a trading investment that had a carrying amount of $35,900 when its management decided to sell it. The investment was purchased for
Michael Company purchased a trading investment that had a carrying amount of $35,900 when its management decided to sell it. The investment was purchased for $32,000. If Michael Company sold this investment for $45,100, Michael will have a(n)
A.Unrealized Gain on Trading Security of $13,100.
B.Gain on Sale of Trading Security for $13,100.
C.Gain on Sale of Trading Security for $9200.
D.Unrealized Loss on Trading Security of $9200.
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