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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