BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pryor Company receives net proceeds of $42, 000 on the sale of stock investments that cost $39, 500. This transaction will result in reporting in the income statement a:
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loss of $2, 500 under “Other expenses and losses.”
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loss of $2, 500 under “Operating expenses.”
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gain of $2, 500 under “Other revenues and gains.”
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gain of $2, 500 under “Operating revenues.”
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Explanation:
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