On December 29, 2011, James Co. sold an equity security that had been purchased

Question

On December 29, 2011, James Co. sold an equity security that had been purchased on January 4, 2010. James owned no other equity securities. An unrealized holding loss was reported in the 2010 income statement. A realized gain was reported in the 2011 income statement. Was the equity security classified as available for sale, and did its 2010 market price decline exceed its 2011 market price recovery?

2010 Market Price
Decline Exceeded 2011
Available for Sale Market Price Recovery

a Yes Yes
b Yes No
c No Yes
d No No (Points : 4)

Which is the answer?
a
b
c
d

Explanation / Answer

d No No

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.