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Wharton, Inc. pays income taxes on capital gains at a rate of 30 percent. At...

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Accounting

Wharton, Inc. pays income taxes on capital gains at a rate of 30 percent. At December 31, 2015, the company owns marketable securities that cost $180,000 but have a current market value of $520,000.

Record the sale of investments at a price above cost.

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