xercise 7.13(Static) Accounting for Marketable Securities (LO7-1, LO7-4) Wharton, Incorporated, pays income...
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Accounting
xercise Static Accounting for Marketable Securities LO LO
Wharton, Incorporated, pays income taxes on gains on marketable securities at a rate of percent. At December year the company owns marketable securities that cost $ but have a current market value of $
Required:
b As of December year what income taxes has Wharton paid on the increase in value of these investments?
c Prepare a journal entry at January year to record the cash sale of these investments at $ Ignore the reversing entry for the unrealized gainloss from year
d What effect will the sale recorded in part c have on Whartons tax obligation for year
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