Jupiter Bank decides to invest in trading securities in order to take advantage of short-term...
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Accounting
Jupiter Bank decides to invest in trading securities in order to take advantage of short-term gains. The bank purchased the following securities for the year 2020.
| Jan. 15, 2020 | Purchased 1,000 shares of Corbin Company common stock for $89 per share. |
| May 23, 2020 | Purchased 1500 shares of Petro Company common stock for $75 per share. |
At the end of 2020, Corbin Company's common stock was trading on the market at $93 per share, and Petro's common stock had a market price of $70 per share.
Required:
| What is the unrealized holding gain or loss and where is it reported on the 2020 financial statements? Enter your answer as positive amount. |
| $__________ | unrealized holding loss or unrealized holding gain??? (choose one) | reported on 2020 | income statement or balance sheet??? choose one |
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