An investor purchased 505 shares of common stock, $23 par, for $19,190. Subsequently, 106 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a.$1,166 gain b.$1,590 gain c.$1,590 loss d.$1,166 loss

An investor purchased 505 shares of common stock, $23 par, for $19,190. Subsequently, 106 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a.$1,166 gain b.$1,590 gain c.$1,590 loss d.$1,166 loss

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

An investor purchased 505 shares of common stock, $23 par, for $19,190. Subsequently, 106 shares were sold for $27 per share. What is the amount of gain or loss on the sale?

a.$1,166 gain

b.$1,590 gain

c.$1,590 loss

d.$1,166 loss

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