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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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A company produces a single product. Variable production costs are $12.2 per unit and variable selling and administrative expenses are $3.2 per unit. Fixed manufacturing overhead totals $38,000 and fixed selling and administration expenses total $42,..
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