On March 5, Maxwell Corporation purchased seventy shares of Tyrone Company for $30 per share,...
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On March 5, Maxwell Corporation purchased seventy shares of Tyrone Company for $30 per share, planning to hold the investment for a short time. On June 30, Maxwell prepares its quarterly financial statements. On that date, Tyrone is selling for $32 per share. What is the unrealized gain Maxwell will report and where should it be reported? a. $140 unrealized gain, owners equity section of balance sheet b. $140 unrealized gain, income statement c. $2,240 unrealized gain, income statement d. $2,100 unrealized gain, owners equity section of balance sheet
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