Financial statements for the current year

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Reference no: EM13139815

During the current year, the Yankton Company purchased 200 shares of in the Sorros Company for $13,000 as a temporary investment. At the end of the year, the market value of the stock was $11,000. The Yankton Company's financial statements for the current year should show:

a.a loss of $2,000 on the income statement and temporary investments of $13,000 on the balance sheet

b.no loss on the income statement and temporary investments of $13,000 on the balance sheet

c.a gain of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet

d.a loss of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet

Reference no: EM13139815

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