An investor purchased 509 shares of common stock, $25 par, for $19,851. Subsequently, 108 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a. $1,296 gain b. $1,296 loss c. $1,512 loss d. $1,512 gain

An investor purchased 509 shares of common stock, $25 par, for $19,851. Subsequently, 108 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a. $1,296 gain b. $1,296 loss c. $1,512 loss d. $1,512 gain

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

An investor purchased 509 shares of common stock, $25 par, for $19,851. Subsequently, 108 shares were sold for $27 per share. What is the amount of gain or loss on the sale?

a. $1,296 gain

b. $1,296 loss

c. $1,512 loss

d. $1,512 gain

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Subject: acounting