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On March 1, 2008, a not-for-profit organization received a donation of securities worth $4,500. When it prepared its financial statements at December 31, 2008, the
On March 1, 2008, a not-for-profit organization received a donation of securities worth $4,500. When it prepared its financial statements at December 31, 2008, the securities had a fair value of $5,200. When it sold the securities on June 30, 2009, it received $4,600. The entity's accounting procedures call for reporting all unrealized and realized gains and losses in a single account. How should it report its gains and losses in 2008 and 2009? Show computation for full credit
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