Reference no: EM132594958
NBD Corporation purchased 18,000 shares (12%) of JET, Inc. stock on August 14, 2020 paying $27 per share.
NBD Corporation sold shares of the JET, Inc. stock as follows:
July 17, 2021: sold 3,000 shares for $29 per share
September 6, 2022: sold 7,000 shares for $31 per share
The year-end market values of the JET, Inc. stock were as follows:
December 31, 2020: market value was $25 per share
December 31, 2021: market value was $26 per share
December 31, 2022: market value was $33 per share
Question 1: The realized gain reported on NBD's 2022 income statement related to its investment in JET, Inc. stock was equal to:
Group of answer choices
Option 1: $14,000
Option 2: $28,000
Option 3: $35,000
Option 4: $41,000
Option 5: $48,000
Option 6: $49,000
Option 7: $56,000
Option 8: $108,000
Option 9: none of the above choices are correct
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