The following information was drawn from the year-end balance sheets of Desoto Company: Account Title Investment securities Equipment Buildings Land 2012 $ 33,500 235,000 845,000 80,000 2011 $ 30,000 220,000 962,000 69,000 Additional information regarding transactions occurring during 2012: 1. Investment securities that had cost $5,600 were sold. The 2012 income statement contained a loss on the sale of investment securities of $600. 2. Equipment with a cost of $50,000 was purchased.
The following information was drawn from the year-end balance sheets of Desoto Company: Account Title Investment securities Equipment Buildings Land 2012 $ 33,500 235,000 845,000 80,000 2011 $ 30,000 220,000 962,000 69,000 Additional information regarding transactions occurring during 2012: 1. Investment securities that had cost $5,600 were sold. The 2012 income statement contained a loss on the sale of investment securities of $600. 2. Equipment with a cost of $50,000 was purchased.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter13: Marketable Securities And Derivatives
Section: Chapter Questions
Problem 27P
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