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seropon [69]
2 years ago
10

Bowie Glass purchased 17,000 shares of Lenz Framing common stock for $382,500 in 2016. When they created their December 31, 2016

balance sheet, the shares had a fair value of $373,150. On July 3, 2017, Bowie Glass sold all of the Lenz Framing stock for $27.25 per share less $15,000 in brokerage commission. In their 2017 financial statements, Bowie Glass should report
Business
1 answer:
12345 [234]2 years ago
3 0

Answer:

It should recognize a gain for 75,100 on his investment.

Explanation:

27.25 x 1,700 = 463,250

commision         (15,000)

net realizable value 448,250

book value              (373,150)

gain on investment   75,100

Cash 448,250

                 Lenz Framing Investment 373,150

                 Gain on investment             75,100

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