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Problem 7 - 5 4 ( LO 7 - 6 ) Dale purchased the following blocks of Westgate Stock: Required: a . Dale sold 2
Problem LO
Dale purchased the following blocks of Westgate Stock:
Required:
a Dale sold shares of the stock on November for $ per share for a total of $ Using the firstin firstout
method, determine the gain or loss on the sale of the Westgate stock.
b Using the specific identification method, what is the gain or loss on the sale of the Westgate stock if of the shares sold were
identified as being from the October purchase and the remaining shares from the December purchase?
Note: Do not round intermediate computations.
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