At the End of Its First Year, the Trading Securities

question 146

Multiple Choice

At the end of its first year, the trading securities portfolio consisted of the following ordinary shares. In the following year, the Benes ordinary shares are sold for cash proceeds of $58,000. The gain or loss to be recognized on the sale is a

• A) gain of $4,200.
• B) loss of $2,000.
• C) gain of $2,200.
• D) loss of $400.

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