On december 31 2014 patel company purchased equity, Ask an Expert

Accounting

On December 31, 2014, Patel Company purchased equity securities as trading securities. Pertinent data are as follows:

Fair Value

Security Cost At 12/31/15

A $132,000 $117,000

B 168,000 186,000

C 288,000 263,000

On December 31, 2015, Patel transferred its investment in security C from trading to available-for-sale because Patel intends to retain security C as a long-term investment. What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2015?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92018203

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