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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Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $53 per bond and classified th...
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