On October 1 of Last Year, Hand Tools Corp

question 94

Multiple Choice

On October 1 of last year, Hand Tools Corp. purchased 1,500 shares of the Bindo Bank for $72,000 as a trading investment. At year end, December 31, the fair value of these shares was $75,000. On February 1 of this year, Hand Tools sold all these shares for $73,000. The realized gain (loss) that Hand Tools will report this year is

• A) a gain of $2,000.
• B) a gain of $1,000.
• C) a loss of $1,000.
• D) a loss of $2,000.

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Definitions:

Force Of Gravity

The attraction between two masses, especially the gravitational pull of the Earth on objects near its surface.

Water Molecules

Water molecules are made up of two hydrogen atoms and one oxygen atom (H2O), the basic units of water, essential for all known forms of life.

Ice

A solid state of water that occurs when it freezes, found in natural environments on Earth's surface and elsewhere in the solar system.

Raindrops

Small droplets of water that fall from clouds in the atmosphere.