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Problem 13-51 (LO. 1, 2, 3) Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Number Price of per Transaction Date Company Shares Share 1-1- Purchase 300 MDG $75 2018 6-1- Purchase 150 GRU 300 2018 11-1- Purchase 60 MDG 70 2018 12-3- Sale 200 MDG 80 2018 3-1- Purchase 120 GRU 375 2019 8-1- Sale 90 GRU 330 2019 1-1- Sale 150 MDG 90 2020 2-1- Sale 75 GRU 500 2020 Assuming that Karen is unable to identify the specific lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates.

Problem 13-51 (LO. 1, 2, 3) Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Number Price of per Transaction Date Company Shares Share 1-1- Purchase 300 MDG $75 2018 6-1- Purchase 150 GRU 300 2018 11-1- Purchase 60 MDG 70 2018 12-3- Sale 200 MDG 80 2018 3-1- Purchase 120 GRU 375 2019 8-1- Sale 90 GRU 330 2019 1-1- Sale 150 MDG 90 2020 2-1- Sale 75 GRU 500 2020 Assuming that Karen is unable to identify the specific lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates.

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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c. For the year ending 12-31-2019. There is a recognized of $ for GRU. d. For the period 1-1-2020 to 7-1-2020. There is a recognized of $ for MDG. There is a recognized of $ for GRU. e. Form 8949 and Schedule D (Form 1040) are used to report sales of capital assets (which include stock sales). Complete the forms for part (c) of this problem, assuming that the brokerage firm did not report Karen's basis to the IRS. Note: You only are required to complete Schedule D (Form 1040) through line 16. If required, use the minus sign to indicate a loss. OMD DI.
Transcribed Image Text:c. For the year ending 12-31-2019. There is a recognized of $ for GRU. d. For the period 1-1-2020 to 7-1-2020. There is a recognized of $ for MDG. There is a recognized of $ for GRU. e. Form 8949 and Schedule D (Form 1040) are used to report sales of capital assets (which include stock sales). Complete the forms for part (c) of this problem, assuming that the brokerage firm did not report Karen's basis to the IRS. Note: You only are required to complete Schedule D (Form 1040) through line 16. If required, use the minus sign to indicate a loss. OMD DI.
Problem 13-51 (LO. 1, 2, 3) Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Number Price of per Transaction Date Company Shares Share 1-1- Purchase 300 MDG $75 2018 6-1- Purchase 150 GRU 300 2018 11-1- Purchase 60 MDG 70 2018 12-3- Sale 200 MDG 80 2018 3-1- Purchase 120 GRU 375 2019 8-1- Sale 90 GRU 330 2019 1-1- Sale 150 MDG 90 2020 2-1- Sale 75 GRU 500 2020 Assuming that Karen is unable to identify the specific lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates. If an amount is zero, enter "0". a. For the period from 1-1-2018 to 7-1-2018. There is of $ b. For the period from 7-2-2018 to 12-31-2018. There is a recognized of $ for MDG.
Transcribed Image Text:Problem 13-51 (LO. 1, 2, 3) Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Number Price of per Transaction Date Company Shares Share 1-1- Purchase 300 MDG $75 2018 6-1- Purchase 150 GRU 300 2018 11-1- Purchase 60 MDG 70 2018 12-3- Sale 200 MDG 80 2018 3-1- Purchase 120 GRU 375 2019 8-1- Sale 90 GRU 330 2019 1-1- Sale 150 MDG 90 2020 2-1- Sale 75 GRU 500 2020 Assuming that Karen is unable to identify the specific lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates. If an amount is zero, enter "0". a. For the period from 1-1-2018 to 7-1-2018. There is of $ b. For the period from 7-2-2018 to 12-31-2018. There is a recognized of $ for MDG.
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