Chapter 12 (2.) S&L Financial buys and sells securities expecting to earn profits on short-term...
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Accounting
Chapter 12 (2.)
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2018, S&L purchased Coca-Cola bonds for $790,000 and sold the the bonds on January 3, 2019, for $795,000. At December 31, the bonds had a fair value of $786,000. What pretax amounts did S&L include in its 2018 and 2019 net income as a result of this investment (ignoring interest)?
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