The Following Information Was Drawn from Empire's Year 2 and Year

question 80

Multiple Choice

The following information was drawn from Empire's Year 2 and Year 1 year-end balance sheets. $\begin{array}{lrr}&\text { Year } 2&\text { Year } 1\\ \text { Investment Securities } &\$105,000&\$112,500\\\end{array}$
Empire incurred a $1,500 loss on the sale of investment securities during Year 2.No investment securities were purchased during Year 2.Based on this information alone,what is the amount of cash that was collected from the sale of securities?

• A) $7,500
• B) $6,000
• C) $9,000
• D) $1,500

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Definitions:

Abu Simbel

An ancient temple complex in southern Egypt, built by Pharaoh Ramesses II, featuring monumental statues and intricate carvings.

Thebes

An ancient Egyptian city located along the Nile river, known for its wealth, art, and architectural sites like the Karnak Temple and the Valley of the Kings.

Old Kingdom

The period in ancient Egyptian history characterized by the construction of the pyramids, spanning from around 2686 to 2181 BCE.

Valley Temple

The temple closest to the Nile River, associated with each of the Old Kingdom pyramids at Gizeh in ancient Egypt.