Eleston Printing Acquired the Following Short-Term Equity Securities on January

question 59

Multiple Choice

Eleston Printing acquired the following short-term equity securities on January 1,2X12: $\begin{array}{lcccc}\text { Company. } & \text { \# of Shares } & \text { Price/share } & & \text { Total Cost } \\\text { Color, Inc. }& 250 & \$ 22 & & \$ 5,500 \\\text { Black, Inc. } & 300 & 22 & & 6,600 \\\text { White, Inc. } & 500 & 14 & & \underline{7,000} \\& & & & \$ 19,100\end{array}$ The quarter-end prices per share were as follows:
$\begin{array}{lcc}\text { Company } & 03 / 31 / 2X12 & 06 / 30 / 2X12 & 09 / 31 / 2X12 & 12 / 30 / 2X12\\\text { Color, Inc. } & \$ 23 & \$ 21&\$22&\$21 \\\text { Black, Inc. } & 24 & 20 &23&24\\\text { White. Inc. } & 15 & 14&13&13\end{array}$ Eleston Printing considers Color,Inc.stock to be a trading security and Black,Inc.and White,Inc.to be available-for-sale securities.
What will be the net gain or loss reported on the income statement of Eleston Printing for the three month period ending June 30,2X12?

• A)$250
• B)$(400)
• C)$(200)
• D)$(1,300)
• E)($500)

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Definitions:

Proximal Stimulus

The stimulus registered by the sensory receptors, e.g., the pattern of light falling on the retina, as opposed to the actual object in the environment.

Just Noticeable Difference

The minimal change in a stimulus that can just barely be detected by an organism.

Decibels

A unit of measurement for the intensity of sound, reflecting the relative loudness of sounds as perceived by the human ear.

Synesthesia

A condition in which one sense is simultaneously perceived as if by one or more additional senses, such as when seeing sound as colors.