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JP undertook the following share transactions: On January 1, Year 1, JP purchased 30 shares of Micron Co. for $5 per share. On June 30, Year 2, JP sold all 30 shares of Micron Co. for $3 per share. On July 15, Year 2, JP purchased 20 shares of Micron Co. for $2 per share.

JP undertook the following share transactions: On January 1, Year 1, JP purchased 30 shares of Micron Co. for $5 per share. On June 30, Year 2, JP sold all 30 shares of Micron Co. for $3 per share. On July 15, Year 2, JP purchased 20 shares of Micron Co. for $2 per share.

FINANCIAL ACCOUNTING
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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JP undertook the following share transactions: On January 1, Year 1, JP purchased 30 shares of Micron Co. for $5 per share. On June 30, Year 2, JP sold all 30 shares of Micron Co. for $3 per share. On July 15, Year 2, JP purchased 20 shares of Micron Co. for $2 per share. On July 17, Year 2, JP sold 20 shares of Micron Co. for $2.50 per share. On August 22, Year 2, JP purchased 50 shares of Micron Co. for $3.75 per share. In the table below, enter the amount for each corresponding tax component on the date requested. Enter all gains as positive, whole values and losses as negative, whole values. If a response is zero, enter a zero (O). Tax components 1. Basis in shares 2. Realized gain (loss) 3. Recognized gain (loss) Transaction date June 30, Year 2 Transaction date July 17, Year 2 Transaction date August 22, Year 2
Transcribed Image Text:JP undertook the following share transactions: On January 1, Year 1, JP purchased 30 shares of Micron Co. for $5 per share. On June 30, Year 2, JP sold all 30 shares of Micron Co. for $3 per share. On July 15, Year 2, JP purchased 20 shares of Micron Co. for $2 per share. On July 17, Year 2, JP sold 20 shares of Micron Co. for $2.50 per share. On August 22, Year 2, JP purchased 50 shares of Micron Co. for $3.75 per share. In the table below, enter the amount for each corresponding tax component on the date requested. Enter all gains as positive, whole values and losses as negative, whole values. If a response is zero, enter a zero (O). Tax components 1. Basis in shares 2. Realized gain (loss) 3. Recognized gain (loss) Transaction date June 30, Year 2 Transaction date July 17, Year 2 Transaction date August 22, Year 2
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