Multiple Choice
On December 30,2015,Varsity Corporation sold available for sale marketable securities costing $800,000 for $860,000 cash.The securities were purchased on January 2,2013 and the market value of the securities on December 31,2013 and December 31,2014 was $820,000 and $780,000,respectively.How much gain or loss will Varsity report in its income statement for the year ending December 31,2015?
A) A $20,000 loss.
B) A $40,000 gain.
C) A $60,000 gain.
D) An $80,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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