Calculate the amount of gain on sale of investments reported

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Reference no: EM131292024

The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005: January 1, 2005 December 31, 2005 Accounts receivable 50,000 71,000 Inventory 39,000 28,000 Accounts payable 45,000 54,000 Salaries payable 7,000 3,000 Investments 52,000 46,000 Common stock 110,000 130,000 Retained earnings 21,000 45,000 The following selected information was taken from Buckeye Company's statement of cash flows for 2005: Cash collected from customers $385,000 Cash paid to purchase inventory 199,000 Cash paid to employees 80,000 Cash received from sale of investments 15,000 Cash paid for dividends 30,000 Calculate the amount of the gain on sale of investments reported in Buckeye Company's 2005 income statement. Do not use decimals or a minus sign in your answer or type the word gain after your answer.

Reference no: EM131292024

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