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Elias Corporation purchased an available-for-sale investment in 1,700 shares of Southwest Supplies stock for $24...

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Accounting

Elias Corporation purchased an available-for-sale investment in 1,700 shares of Southwest Supplies stock for $24 per share. On the next balance sheet date, Southwest Supplies stock is quoted at $26 per share. Elias sold the Southwest Supplies stock for $46,000 two months later. Elias' income statement for the period of the sale should report a(n)

A) unrealized gain of $3400

B) loss on sale of $5200

C) investments of $46000

D) gain on sale of $5200

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