Joy purchased 200 shares of HiLo Mutual Fund on July 15, 2009, for $10,500, and has been reinvesting dividends. On December 15, 2014, she sells 100 shares.
What is the basis for the shares sold assuming (1)FIFO and (2)average cost method?
Definitions:
Scrap Value
Scrap value is the estimated residual value of an asset at the end of its useful life, typically in terms of its material components.
Scrap Value
The estimated residual value of an asset at the end of its useful life, often considered when an asset is to be disposed of or recycled.
Units Of Production
A method of depreciation that calculates the expense based on the actual usage or production levels of an asset.
Scrap Value
The estimated resale value of an asset at the end of its useful life, often considered when assessing depreciation.
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