Available for sale securities
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On December 29, 2005, Greer Co. sold an equity security that had
been purchased on January 4, 2004. Greer owned no other equity
securities. An unrealized holding loss was reported in the 2004
income statement. A realized gain was reported in the 2005 income
statement. Was the equity security classified as available-for-sale
and did its 2004 market price decline exceed its 2005 market price
recovery?
2004 Market Price
Available- Decline Exceeded 2005
for-Sale Market Price Recovery
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a. No No
b. Yes Yes
c. Yes No
d. No Yes
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Please find my response below.
This question is not quite clear. The answer to the first part is definitely NO. This is trading security. ...
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