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The following selected account balances were taken from BuckeyeCompany's general ledger at Jan. 1st, 2005 and Dec. 31st 2005:
Jan. 1st,2005 Dec. 31st, 2005
Accounts receivable: 51,000 70,000

Inventory:                       39,000                             28,000
Accountspayable          45,000                             51,000
Salariespayable              7,000                               3,000
Investments                    46,000                              59,000
Commonstock                110,000                             130,000
Retainedearnings              25,000                               41,000

The following selected information was taken from Buckeye Company's2005 statement of cash flows:

Cash collected from customers: 385,000
Cash paid to purchase inventory: 199,000
Cash paid to employees: 85,000
Cash paid to purchase investments: 40,000
Cash received from sale of investments: 35,000
Cash paid for dividends: 30,000

Calculate the amount of the gain on sale of investments reported in Buckeye Company's 2005 incomestatement.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9992566

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