a. What is Mr. Giraffe's recognized gain or loss as a result of the sale...
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Accounting
a.
What is Mr. Giraffe's recognized gain or loss as a result of the sale on October 12?
Mr. Giraffe owns 500 shares of Southern Corporation common stock, which was purchased on March 8, 2011, for $7,500. In 2023, Mr. Giraffe buys and sells Southern Corporation stock as follows. On October 3, Giraffe purchases an additional 100 shares for $1,300. On October 12 , he sells the original 500 shares acquired in 2011 for $6,250. On November 1 , he purchases an additional 250 shares for $2,750
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