Matt Shaw Buys 100 Shares of Common Stock for $8,000

question 1

Multiple Choice

Matt Shaw buys 100 shares of common stock for $8,000 in January.The value of the stock fluctuates in a narrow range (averaging $8,700) throughout the year.In November,when it has a value of $9,500,he donates it to a not-for-profit entity.On December 31,the stock has a fair value of $8,200.At what amount should the entity value the stock on its December 31 statement of financial position?

• A)$8,000
• B)$8,200
• C)$8,700
• D)$9,500

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Definitions:

Snap Judgments

Quick decisions or opinions formed on the basis of first impressions or insufficient information, often influenced by biases and stereotypes.

Class Statuses

Different levels of social hierarchy or prestige within society that are determined by factors such as wealth, occupation, education, and family background.

Everyday Class Consciousness

The awareness of one's own social class and that of others in daily life, affecting interactions and perceptions.

Class Statuses

The ranking or hierarchy of social positions or statuses within a society based on factors like wealth, education, and occupation.