Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities
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Question:
Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following.
Available-for-Sale Securities | Cost | Fair Value | ||||
Company A bonds | $ | 535,300 | $ | 490,000 | ||
Company B notes | 159,380 | 154,000 | ||||
Company C bonds | 662,750 | 640,940 | ||||
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
Jan. | 29 | Sold one-half of the Company B notes for $79,200. | ||
July | 6 | Purchased bonds of Company X for $126,600. | ||
Nov. | 13 | Purchased notes of Company Z for $267,900. | ||
Dec. | 9 | Sold all of the bonds of Company A for $515,000. |
The fair values at December 31 are B, $81,000; C, $610,000; X, $118,000; and Z, $278,000.
3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?
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