On January 10,2013,Wally Sold an Option for $2,000 on Vacant

question 123

Essay

On January 10,2013,Wally sold an option for $2,000 on vacant land he held as an investment.He had purchased the land in 2009 for $76,000.The option allowed the option holder to purchase the property for $122,000 plus the cost of the option.On March 1,2013,the option holder exercised the option.What is the amount and nature of Wally's gain or loss from disposition of the land?

Identify the proper accounting treatment for dividends and interest received from investments.

Determine the accounting methods appropriate for different levels of ownership in another company's stock.

Distinguish between the cost method and equity method of accounting for long-term investments.

Calculate and record the initial cost of purchasing stock, including related fees.

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