Sandhill Company's equity securities portfolio which is appropriately included in current assets is as follows: December 31, 2021 Cost Fair Value Unrealized Gain (Loss) Catlett Corp. $220000 $183000 $-37000 Lyman, Inc. 209000 225000 16000 $429000 $408000 $-21000 Ignoring income taxes, what amount should be reported as a charge against income in Sandhill's 2021 income statement if 2021 is Sandhill's first year of operation? $37000 loss. $0. $21000 loss. $16000 gain.
Sandhill Company's equity securities portfolio which is appropriately included in current assets is as follows: December 31, 2021 Cost Fair Value Unrealized Gain (Loss) Catlett Corp. $220000 $183000 $-37000 Lyman, Inc. 209000 225000 16000 $429000 $408000 $-21000 Ignoring income taxes, what amount should be reported as a charge against income in Sandhill's 2021 income statement if 2021 is Sandhill's first year of operation? $37000 loss. $0. $21000 loss. $16000 gain.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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Sandhill Company's equity securities portfolio which is appropriately included in current assets is as follows:
December 31, 2021 | |||||
---|---|---|---|---|---|
Cost | Fair Value | Unrealized Gain (Loss) |
|||
Catlett Corp. |
$220000 |
$183000 |
$-37000 |
||
Lyman, Inc. |
209000 |
225000 |
16000 |
||
$429000 |
$408000 |
$-21000 |
Ignoring income taxes, what amount should be reported as a charge against income in Sandhill's 2021 income statement if 2021 is Sandhill's first year of operation?
$37000 loss.
$0.
$21000 loss.
$16000 gain.
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