Desno Corporation reports on a calendar-year basis. Its December 31, 2007 financial statements were issued on February
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Desno Corporation reports on a calendar-year basis. Its December 31, 2007 financial statements were issued on February 3, 2008. The auditor’s report was dated January 22, 2008. The following information pertains to Desno’s aggregate marketable equity.
Cost | $500,000 |
Market value, 12/31/07 | 400,000 |
Market value, 1/22/08 | 350,000 |
Market value, 2/3/08 | 300,000 |
How much should be reported on Desno’s balance sheet at December 31, 2007, for marketable equity securities?
A: $500,000
B: $400,000
C: $350,000
D: $300,000
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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