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Find what the gain or loss on the sale was a

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Question 1: Rhodes Corporation purchased 500 shares of Frenette common shares for $60 per share as a trading security. The market value at year-end was $62 per share. The shares were sold subsequent to the year-end for $65 per share. The gain or loss on the sale was a:

Question 2: A company pays $500,000 for 30% of the common shares of MSG, Inc as a long-term equity investment. In the first year, MSG, Inc. reports net income of $80,000 and pays a cash dividend of $30,000. The balance in Equity Investment - MSG Common Shares, at year end under the equity method is:

Reference no: EM132496505

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