During 2020, Maria Company purchased trading securities with the following cost and market value on December 31, 2020: Security Cost Market Value A - 1,000 shares 200,000 300,000 B - 10,000 shares 1,700,000 1,600,000 C - 20,000 shares 3,100,000 2,900,000 5,000,000 4,800,000 The entity sold 10,000 shares of Security B on January 27, 2021, for P150 per share. What amount should be reported as gain or loss on sale of trading investment in 2021?
During 2020, Maria Company purchased trading securities with the following cost and market value on December 31, 2020: Security Cost Market Value A - 1,000 shares 200,000 300,000 B - 10,000 shares 1,700,000 1,600,000 C - 20,000 shares 3,100,000 2,900,000 5,000,000 4,800,000 The entity sold 10,000 shares of Security B on January 27, 2021, for P150 per share. What amount should be reported as gain or loss on sale of trading investment in 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2020, Maria Company purchased trading securities with the following cost and market value on December 31, 2020:
| Security | Cost | Market Value |
| A - 1,000 shares | 200,000 | 300,000 |
| B - 10,000 shares | 1,700,000 | 1,600,000 |
| C - 20,000 shares | 3,100,000 | 2,900,000 |
| 5,000,000 | 4,800,000 |
The entity sold 10,000 shares of Security B on January 27, 2021, for P150 per share.
What amount should be reported as gain or loss on sale of trading investment in 2021?
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