Classification of equity security

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Reference no: EM1338390

On Dec 29, 2008, Sam Co. sold an equity security that had been purchased on January 4, 2007. Sam owned no other equity securities. An unrealized holding loss was reported in the 2007 income statement. A realized gain was reported in the 2008 income statement. Was the equity security classified as available-for-sale as did its 2007 market price decline exceed its 2008 market price recovery?

2007 Market Price - Decline Exceeded 2008
Available-for-Sale Market Price Recovery
a. No No
b. Yes Yes
c. Yes No
d. No Yes

Reference no: EM1338390

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