Multiple Choice
Michael Company purchased a trading investment that had a carrying amount of $35,000 when they decided to sell it.Michael Company purchased the investment for $31,000.If Michael Company sold this investment for $45,000,Michael will have a(n) :
A) Gain on Sale of Trading Security for $14,000.
B) Gain on Sale of Trading Security for $10,000.
C) Unrealized Loss on Trading Security of $4,000.
D) Unrealized Gain on Trading Security of $14,000.
Correct Answer:
Verified
Correct Answer:
Verified
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