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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