Puget Sound Co. sold marketable securities costing ($ 80,000) for ($ 92,000) cash. In the company's income
Question:
Puget Sound Co. sold marketable securities costing \(\$ 80,000\) for \(\$ 92,000\) cash. In the company's income statement and statement of cash flows, respectively, this will appear as:
a. A \(\$ 12,000\) gain and a \(\$ 92,000\) cash receipt.
b. A \(\$ 92,000\) gain and an \(\$ 8,000\) cash receipt.
c. A \(\$ 12,000\) gain and an \(\$ 80,000\) cash receipt.
d. A \(\$ 92,000\) sale and a \(\$ 92,000\) cash receipt.
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Related Book For 
Financial Accounting
ISBN: 9780077328702
15th Edition
Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello
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