An investor purchased 689 shares of common stock, $21 par, for $28,249. Subsequently, 114 shares were sold for $27 per share. What is the amount of gain or loss on the sale?a. $2,280 lossb. $2,280 gainc. $1,596 lossOd. $1,596 gain

The acquisition of cost of shares was: $28,249 / 689 shares i.e $41 per share Less: Sold at a price…

Answered: An investor purchased 689 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 689 shares of common stock, $21 par, for $28,249. Subsequently, 114 shares were sold for $27 per share. What is the amount of gain or loss on the sale? $2.280 loss