Determine the result of the transaction

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Reference no: EM131967642

Question: Diamond Co. had the following transactions during 2015:

- Gain of $14,000 on sale of common stock purchased on January 15, 2014 and sold on April 15, 2015.

- Loss of $7,000 on sale of common stock purchased on October 15, 2014 and sold on March 25, 2015.

- Receipt of $10,000 installment payment on an installment contract created in 2007 when Diamond sold for $100,000 (exclusive of 6% interest on installments) land acquired in 2002 for $20,000. The contract provides for 10 equal annual principal payments of $10,000 beginning on July 1, 2007 and ending on July 1, 2017.

Determine the result of the transaction.

Reference no: EM131967642

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