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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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