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Question 13 Quarry Corporation buys and sells debt secunties which it classifies as...

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Accounting

Question 13
Quarry Corporation buys and sells debt secunties which it classifies as trading securities. The company's fiscal year ends on December 31. On December 27,2023, Quarry
purchased Tomorrow Communications bonds at par for $520,000. At December 31, the bonds had a fair value of $542,000. On January 3,2024, the bonds were sold for
$560,000. The amount included in 2024 net income as a result of this investment would be:
$22,000
$0
$18,000
$40,000
image

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