The Jackson Company purchased 100 shares of Union Company for $1000 in 2020 and correctly...
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Accounting
The Jackson Company purchased 100 shares of Union Company for $1000 in 2020 and correctly accounts for this investment under the fair value method. At the end of 2020 Jacksons investment in Union stock was worth $980 and on February 4th 2021 Jackson sold all its Union stock for $1040. What gain or loss does Jackson show on the sale of the Union stock?
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a
Gain $40
b
Gain $60
c
Gain $1040
d
Loss $980
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