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Question -
On June 30, 2016, Slick Rocks, Inc., purchased 10,000 shares of Sandstone stock for $24 per share. Management recorded the stock in the available-for-sale securities portfolio. The following information pertains to the price per share of Sandstone stock:
Price
12/31/2016 $29
12/31/2017 $26
12/31/2018 $33
Slick Rocks sold all of the Sandstone stock on February 14, 2019, at a price of $35 per share.
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