S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December
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S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2016. S&L purchased Coca-Cola common shares for $875,000 and sold the shares on January 3, 2017, for $880,000. At December 31 , the shares had a fair value of $873,000. What pretax amounts did S&L include in its 2016 and 2017 earnings as a result of this investment?
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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