From November to December of 2015, the price per share of BP Oil dropped from $95.75 to $76.75. Exxon shares also dropped from $97.75 to $76.25. In November, your rich cousin invested $20,585 into a combination of BP and Exxon shares. By December they sold their shares for $16,199.5 losing $4,385.5 from their investment. How many of each stock did they purchase? They purchased Number BP shares and Number Exxon shares.
From November to December of 2015, the price per share of BP Oil dropped from $95.75 to $76.75. Exxon shares also dropped from $97.75 to $76.25. In November, your rich cousin invested $20,585 into a combination of BP and Exxon shares. By December they sold their shares for $16,199.5 losing $4,385.5 from their investment. How many of each stock did they purchase? They purchased Number BP shares and Number Exxon shares.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 4CP
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Transcribed Image Text:From November to December of 2015, the price per share of BP
Oil dropped from $95.75 to $76.75. Exxon shares also dropped
from $97.75 to $76.25.
In November, your rich cousin invested $20,585 into a
combination of BP and Exxon shares. By December they sold
their shares for $16,199.5 losing $4,385.5 from their investment.
How many of each stock did they purchase?
They purchased Number BP shares and Number Exxon
shares.
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