Oman Oil Company purchased 1,000 shares of Petroleum Company at OMR 0.100 per share as Available for Sale investment. At the end of the year, Petroleum shares fair value is at OMR 0.200 per share. How will Oman Oil record the gain or loss? a. Cr Other Comprehensive Income OMR 100 b. Dr Other Comprehensive Income OMR 100 c. Dr Loss OMR 100 d. Cr Gain OMR 100

Oman Oil Company purchased 1,000 shares of Petroleum Company at OMR 0.100 per share as Available for Sale investment. At the end of the year, Petroleum shares fair value is at OMR 0.200 per share. How will Oman Oil record the gain or loss? a. Cr Other Comprehensive Income OMR 100 b. Dr Other Comprehensive Income OMR 100 c. Dr Loss OMR 100 d. Cr Gain OMR 100

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations

Section: Chapter Questions

Problem 1BCRQ

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