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Citrus2011 [14]
3 years ago
9

Andrew sold IBM stock to his sister Susan for $6,000. Andrew purchased the stock two years ago for $8,000. Susan sold the stock

through her broker for $7,300. How much gain or loss did Susan recognize on the sale?
a. $700 loss
b. No gain or loss
c. $1,300 gain
Business
1 answer:
klasskru [66]3 years ago
6 0

Answer:

c. $1,300 gain

Explanation:

In this scenario, Susan recognized a $1,300 gain on this sale. This is because Susan originally purchased the stock for a total price of $6,000. When she sold the stock, she sold it for a higher price than what she originally paid for it therefore recognizing a gain. To calculate this gain we simply subtract her initial purchase price from her selling price of the stock which would give us a $1,300 gain.

$7,300 - $6,000 = $1,300

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Answer:

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Simple discount notes could likened to a bank loan where interest on the loan is taken from the borrowed funds before disbursement to the loan's beneficiary,hence proceeds from such notes is face value of the notes less interest taken in advance.

While on the other hand,the proceeds from simple interest note is par or face value.

The discount or interest  is =8%*$19500=$1560 for one year,but $3120  for two years($1560*2)

The proceeds on the simple discount note =$19500-$3120

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