Please do not give solution in image format thanku On December 31, 2020, Patel Company purchased debt securities as tradingsecurities. Pertinent data at 12/31/21 is as follows:(1) Security (2) Cost(3) Fair Value(1) A(3) 119,000(3) 186,000(3) 263,000What total amount of gain or loss on its securities should be included in Patel'sincome statement for the year ended December 31, 2021?(1) B(1) C(2) 132,000(2) 172,000(2) 288,000$24,000 loss.$38,000 loss.$25,000 loss.$1,000 gain.

Security A: Fair value = $119,000 Cost = $132,000 Security B: Fair value = $186,000 Cost = $172,000…

On December 31, 2020, Patel Company purchased debt securities as trading securities. Pertinent data at 12/31/21 is as follows: (1) Security (2) Cost (3) Fair Value (1) A (2) 132,000 (3) 119,000 (1) B (2) 172,000 (3) 186,000 (1) C (2) 288,000 (3) 263,000 What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2021? $24,000 loss. $38,000 loss. $25,000 loss. $1,000 gain.

On December 31, 2020, Patel Company purchased debt securities as trading securities. Pertinent data at 12/31/21 is as follows: (1) Security (2) Cost (3) Fair Value (1) A (2) 132,000 (3) 119,000 (1) B (2) 172,000 (3) 186,000 (1) C (2) 288,000 (3) 263,000 What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2021? $24,000 loss. $38,000 loss. $25,000 loss. $1,000 gain.

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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