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Compute the cost of securities purchased and gain or loss

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Question - Decker Corporation purchased 1,000 shares of Kent common stock at $75 per share plus $3,000 brokerage fees as a short-term investment. The shares were subsequently sold at $80 per share less $3,400 brokerage fees. The cost of the securities purchased and gain or loss on the sale were:

a. $75,000 cost, 5,000 gain

b. $75,000 cost, 1,400 loss

c. $78,000 cost, 2,000 gain

d. $78,000 cost, 1,400 loss

Reference no: EM131785752

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