Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 3 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?
Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 3 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following.
| Available-for-Sale Securities | Cost | Fair Value |
|---|---|---|
| Company A bonds | $ 534,100 | $ 492,000 |
| Company B notes | 159,140 | 155,000 |
| Company C bonds | 662,400 | 642,140 |
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
| January 29 | Sold one-half of the Company B notes for $78,820. |
|---|---|
| July 6 | Purchased Company X bonds for $122,100. |
| November 13 | Purchased Company Z notes for $267,300. |
| December 9 | Sold all of the Company A bonds for $524,800. |
Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000.
Problem 15-3A (Algo) Part 3
3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?
Transcribed Image Text:3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll
report on its income statement for this year?
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