the securities purchased and gain or loss on the sale 1. Dayton Corporation purchased 1,000 shares of Kart common stock at $77 per share plus $2,000 brokerage fees as a short-term investment. The shares were subsequently sold at $80 per share less $3,400 brokerage fees. The cost of the securities purchased and gain or loss on the sale were Cost Gain or Loss a. $77,000 $3,000 gain b. $77,000 $1,400 loss c. $79,000 $2,000 gain d. $79,000 $2,400 loss 2. In accounting for stock investments between 20% and 50%, the _______ method is used. a. consolidated statements b. controlling interest c. cost d. equity 3. When a company holds stock of several different corporations, the group of securities is identified as a(n) a. affiliated investment. b. consolidated portfolio. c. investment portfolio. d. controlling interest. 4. Jerome Corporation makes a short-term investment in 160 shares of Singer Company’s common stock. The stock is purchased for $50 a share plus brokerage fees of $550. The entry for the purchase is a. Debt Investments 8,000 Cash 8,000 b. Stock Investments 8,550 Cash 8,550 c. Stock Investments 8,000 Brokerage Fee Expense. 550 Cash 8,550 d. Stock Investments 8,000 Cash 8,000 5. Cooke Corporation sells 400 shares of common stock being held as a short-term investment. The shares were acquired six months ago at a cost of $55 a share. Cooke sold the shares for $40 a share. The entry to record the sale is a. Cash 16,000 Loss on Sale of Stock Investments 6,000 Stock Investments 22,000 b. Cash 22,000 Gain on Sale of Stock Investments 6,000 Stock Investments 16,000 â€ƒ c. Cash 16,000 Stock Investments 16,000 d. Stock Investments 16,000 Loss on Sale of Stock Investments 6,000 Cash 22,000 Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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