Current Attempt in ProgressPharoah Corporation sells 210 shares of common stock being held as an investment. The shares were acquired six months ago at acost of $50 a share. Pharoah sold the shares for $56 a share. The entry to record the sale isCashGain on Sale of StockInvestmentsStock InvestmentsCashStock Investments117601260105001176011760Cash10500Loss on Sale of Stock1260InvestmentsStock Investments11760Stock Investments11760Cash11760

Gain on sales of investment = (Sale price - purchase cost)* No of share = 210*(12-6) = $1260

Answered: Current Attempt in Progress Pharoah…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.14E

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