During 2022, Carla Vista Company purchased 17400 shares of Pharoah Corp. common stock for $391500 as a passive interest investment. The fair value of these shares was $381930 at December 31, 2022. Carla Vista sold all of the Pharoah stock for $27.25 per share on July 3, 2023, incurring $15770 in brokerage commissions. Carla Vista Company should report a realized gain on the sale of stock in 2023 of

During 2022, Carla Vista Company purchased 17400 shares of Pharoah Corp. common stock for $391500 as a passive interest investment. The fair value of these shares was $381930 at December 31, 2022. Carla Vista sold all of the Pharoah stock for $27.25 per share on July 3, 2023, incurring $15770 in brokerage commissions. Carla Vista Company should report a realized gain on the sale of stock in 2023 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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Question

During 2022, Carla Vista Company purchased 17400 shares of Pharoah Corp. common stock for $391500 as a passive interest
investment. The fair value of these shares was $381930 at December 31, 2022. Carla Vista sold all of the Pharoah stock for $27.25 per
share on July 3, 2023, incurring $15770 in brokerage commissions. Carla Vista Company should report a realized gain on the sale of
stock in 2023 of
$66880.
$82650.
$92220.
$76450.

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