29. M Company began operations on January 1, 2013. The following information pertains to the portfolio of equity securities classified as held for trading on December 31, 2013: Aggregate cost Aggregate market value Aggregate lower of cost or market value applied to each security 360,000 320,000 300,000 What amount should be reported as unrealized loss in the income statement for 2013? a. 40,000 b. 60,000 c. 20,000 d. 0

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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29. M Company began operations on January 1, 2013. The following information pertains to the
portfolio of equity securities classified as held for trading on December 31, 2013:
Aggregate cost
Aggregate market value
Aggregate lower of cost or market value applied to each security
360,000
320,000
300,000
What amount should be reported as unrealized loss in the income statement for 2013?
a. 40,000
b. 60,000
c. 20,000
d. 0
Transcribed Image Text:29. M Company began operations on January 1, 2013. The following information pertains to the portfolio of equity securities classified as held for trading on December 31, 2013: Aggregate cost Aggregate market value Aggregate lower of cost or market value applied to each security 360,000 320,000 300,000 What amount should be reported as unrealized loss in the income statement for 2013? a. 40,000 b. 60,000 c. 20,000 d. 0
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