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30-03-2021
Business

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Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $53 per bond and classified the investment as securities available-for-sale. The value of the Jack investment was $83 per bond on December 31, 2019, and $100 per bond on December 31, 2020. During 2021, Ace sold all of its Jack investment at $148 per bond. In its 2021 income statement, Ace would report: Multiple Choice A gain of $950,000. A gain of $480,000. A gain of $470,000. A gain of $1,420,000.

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andromache andromache

31-03-2021

Answer:

A gain of $950,000

Explanation:

The computation is shown below:

= ($83 - $53) × 10,000 bonds + ($100 - $83) × 10,000 bonds + ($148 - $100) × 10,000 bonds

= $300,000 + $170,000 + $480,000

= $950,000

Hence, the first option is correct

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