Hw.142. John bought 1,800 shares of Intel stock on October 18, 2018, for $46 per share plus a $750 commission he paid to his broker. OnDecember 12, 2022, he sells the shares for $66.50 per share. He also incurs a $1,000 fee for this transaction.Required:a. What is John's adjusted basis in the 1,800 shares of Intel stock?b. What amount does John realize when he sells the 1,800 shares?c-1. What is the gain/loss for John on the sale of his Intel stock?c-2. What is the character of the gain/loss?Complete this question by entering your answers in the tabs below.Required A Required B Required C1 Required C2What is John's adjusted basis in the 1,800 shares of Intel stock?Adjusted basis

Answer : Adjusted basis = (Number of shares * Cost per share) + Commission Gain = Amount realized -…

Answered: d basis in the 1,80

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d basis in the 1,80

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Hw.142.

John bought 1,800 shares of Intel stock on October 18, 2018, for $46 per share plus a $750 commission he paid to his broker. On
December 12, 2022, he sells the shares for $66.50 per share. He also incurs a $1,000 fee for this transaction.
Required:
a. What is John's adjusted basis in the 1,800 shares of Intel stock?
b. What amount does John realize when he sells the 1,800 shares?
c-1. What is the gain/loss for John on the sale of his Intel stock?
c-2. What is the character of the gain/loss?
Complete this question by entering your answers in the tabs below.
Required A Required B Required C1 Required C2
What is John's adjusted basis in the 1,800 shares of Intel stock?
Adjusted basis

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