ZTC Purchased Shares of W Common on the Following Dates

question 6

Multiple Choice

ZTC purchased shares of W common on the following dates: $$\begin{array} { | l | r | } \hline \text { Purchases } & \text { Cash } \\\hline \text { January } 1,500 \text { shares at } \$ 3 &1,500 \\\hline \text { March } 30,200 \text { shares at } \$ 2 & 400 \\\hline \text { June } 20,100 \text { shares at } \$ 5 & 500 \\\hline \text { August } 30,50 \text { shares at } \$ 7 & 350 \\\hline\end{array}$$ The shares were designated FVTPL securities. ZTC then sold 150 of the March 30 shares that were purchased on September 9. The sale price was $7.00 per share. This sale should be recorded as follows (Round your intermediate calculations to two decimal places) : $\begin{array}{l}\begin{array}{|l|r|l|l|}\hline (1) &\text { Cash } & 1,050 \\\hline &\text { Investment in W stock } & & 1,000 \\\hline &\text { Gain on sale of investment } & & 50 \\\hline (2) &\text { Cash } & 1,050 \\\hline&\text { Inestment in w stock } & & 486 \\\hline &\text { Gain on sale of investment } && 564 \\\hline (3) & \text { Cash } & 1,050 & \\\hline &\text { Investment in W stock } & & 1,050 \\\hline (4) &\text { Cash } & 1,050 & \\\hline &\text { Investment in w stock } & & 400 \\\hline &\text { Gain on sale of investment } & & 650 \\\hline\end{array}\end{array}$

• A) Choice 1
• B) Choice 2
• C) Choice 3
• D) Choice 4

---

Definitions:

Progressive-Era Union

Labor unions during the Progressive Era aimed at improving working conditions, increasing wages, and reducing working hours for the labor force in the early 20th century.

Higher Wages

An increase in the amount of money paid to workers per unit of time, often seen as a way to improve living standards and stimulate economic growth.

Gilded Age

A period in the late 19th century known for the transformation of the United States through industrialization, urbanization, and the rise of big business, alongside stark social inequalities.

Reform Programs

Initiatives aimed at making changes or improvements in societal, political, or economic systems.