An investor purchased 542 shares of common stock, $24 par, for $18,970. Subsequently, 111 shares were sold for $28 per share. What is the amount of gainor loss on the sale?a. $777 gainb. $1,221 gainc. $1,221 lossOd. $777 loss

A gain/loss is a situation in which the amount of proceeds is more/less than the cost. In the above…

Answered: An investor purchased 542 shares of…

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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eBook Oct. 31. Declared semiannual dividends of $1.60 per share on the preferred stock and $0.13 per share on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Oct. 31 Cash Dividends Cash Dividends Payable Oct. 31 Stock Dividends Stock Dividends Distributable 0 0 30,780 X 0 0 15,600 X Paid-In Capital in Excess of Par-Common Stock 0 Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash Dec. 31 Stock Dividends Distributable Common Stock Feedback Check My Work What are the stockholders receiving? Feedback 75,600 X 0 0 ✓ 30,780 X 0 0 ✓
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An investor purchased 542 shares of common stock, $24 par, for $18,970. Subsequently, 111 shares were sold for $28 per share. What is the amount of gain or loss on the sale? Oa. $777 gain Ob. $1,221 gain Oc. $1,221 loss d. $777 loss