Midwest Bank invests in equity securities. At the beginning of December 2019, the bank held no equity securities. During December of 2019, it entered into the following transactions: Dec. 10 Purchased 400 shares of Carroll Company common stock for $75 per share. 21 Purchased 700 shares of Dynamo Company common stock for $30 per share. At the end of December, the Carroll Company common stock had a quoted market price of $79 per share, and the Dynamo Company common stock had a quoted market price of $33 per share. Question What is the balance in the Unrealized Holding Gains/Losses account on December 31, 2019? Debit balance of $3,700 Credit balance of $3,700 Debit balance of $55,000 $0, neither a Debit, nor a Credit balance
Midwest Bank invests in equity securities. At the beginning of December 2019, the bank held no equity securities. During December of 2019, it entered into the following transactions:
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Dec. 10 |
Purchased 400 shares of Carroll Company common stock for $75 per share. |
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21 |
Purchased 700 shares of Dynamo Company common stock for $30 per share. |
At the end of December, the Carroll Company common stock had a quoted market price of $79 per share, and the Dynamo Company common stock had a quoted market price of $33 per share.
Question
What is the balance in the Unrealized Holding Gains/Losses account on December 31, 2019?
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Debit balance of $3,700 |
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Credit balance of $3,700 |
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Debit balance of $55,000 |
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$0, neither a Debit, nor a Credit balance |
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