Skywalker Limited purchased shares of Jedi Jewelers during 2022 for $124,000. Skywalker elected the fair...

80.2K

Verified Solution

Question

Accounting

Skywalker Limited purchased shares of Jedi Jewelers during 2022 for $124,000. Skywalker elected the fair value option for accounting for this investment. At year end2022,2023, and2024, this investment had a fair value of $120,000,
$ 128 comma 000$128,000,
and
$ 138 comma 000$138,000,
respectively. What is the amount of unrealized gain or loss reported on this investment at
yearminusend
2024?
Question content area bottom
Part 1
A.
Unrealized Gain of $ 8 comma 000$8,000
B.
Unrealized Loss of $ 4 comma 000$4,000
C.
Unrealized Gain of $ 18 comma 000$18,000
D.
Unrealized Gain of $ 10 comma 000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students