Calculating Income Statement
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Hollister Company's trading securities portfolio, which is appropriately included in current assets, is as follows on December 31, 2013: Meyer Corporation - cost of $400,000 and fair value of $325,000; Fischer Corporation - cost of $500,000 and fair value of $535,000. Ignoring income taxes, what amount should be reported as a charge against income in Hollister's 2013 income statement if 2013 is Hollister's first year of operation?
a. $40,000 Unrealized Loss
b. $35,000 Unrealized Gain
c. $75,000 Unrealized Loss
d. $ -0-
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Solution Summary
This solution calculates the amount that Hollister should report as a charge against income for the first year of operations.
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