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es of Silver Fox comm ox preferred stock

es of Silver Fox comm ox preferred stock

FINANCIAL ACCOUNTING
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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John Broward owns 1,500 shares of Silver Fox Corporation common stock. John purchased the 1,500 shares on April 17, 2011, for $21,000. On December 8, 2018, John sells 750 shares for $5,000. On January 2, 2019, John buys 250 shares of Silver Fox Corporation common stock for $1,750 and 50 shares of Silver Fox Corporation preferred stock for $1,000. The preferred stock is nonvoting, nonconvertible. Read the requirements. Requirement a. What is John's realized and recognized loss on the December 8 sale of stock? (Do not round intermediary calculations. Only round the amount you input in the input field to the nearest whole dollar.) John has a realized loss of John has a recognized loss of 8000 3571 Requirement b. What is his basis and the holding periods of the shares purchased in 2011 and in 2019? Basis Holding period begins April 17, 2011 April 17, 2011 April 17, 2011 250 shares of Silver Fox common stock Remaining 750 shares of Silver Fox common stock 50 shares of Silver Fox preferred stock 3571600 Choose from any list or enter any number in the input fields and then continue to the next question. ? ☀
Transcribed Image Text:John Broward owns 1,500 shares of Silver Fox Corporation common stock. John purchased the 1,500 shares on April 17, 2011, for $21,000. On December 8, 2018, John sells 750 shares for $5,000. On January 2, 2019, John buys 250 shares of Silver Fox Corporation common stock for $1,750 and 50 shares of Silver Fox Corporation preferred stock for $1,000. The preferred stock is nonvoting, nonconvertible. Read the requirements. Requirement a. What is John's realized and recognized loss on the December 8 sale of stock? (Do not round intermediary calculations. Only round the amount you input in the input field to the nearest whole dollar.) John has a realized loss of John has a recognized loss of 8000 3571 Requirement b. What is his basis and the holding periods of the shares purchased in 2011 and in 2019? Basis Holding period begins April 17, 2011 April 17, 2011 April 17, 2011 250 shares of Silver Fox common stock Remaining 750 shares of Silver Fox common stock 50 shares of Silver Fox preferred stock 3571600 Choose from any list or enter any number in the input fields and then continue to the next question. ? ☀
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