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S&L Financial buys and sells securities that it typically classifies as available-for-sale. On December 27, 2016, S&L purchased Coca-Cola common shares for $935,000 and sold
S&L Financial buys and sells securities that it typically classifies as available-for-sale. On December 27, 2016, S&L purchased Coca-Cola common shares for $935,000 and sold the shares on January 3, 2017, for $937,500. At December 31, the shares had a fair value of $931,000. When it purchased the Coca-Cola shares, S&L Financial decided to elect the fair value option for this investment. |
What pretax amounts did S&L include in its 2016 and 2017 earnings as a result of this investment? |
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