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Trading securities consisting of common-preferred stocks

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Reference no: EM132007104

QUESTION 1.

On September 1, 2X12, Yelter Oil purchased trading securities consisting of common and preferred stocks. The portfolio consists of:

Company                           # of shares    purchase price/share market value (9/30/2X12)

Haring                                        400                            $24                                    $20

Jacker                                        200                            $16                                    $19

What will be the net gain or loss recorded on Yelter Oil's income statement for the quarter ended September 30, 2X12?

Reference no: EM132007104

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