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Stock is classified as available-for-sale securities

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On February 15, Bayo buys 7,000 shares of Kebo common at $28.53 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. On March 15, Lathit declares a dividend of $1.15 per share payable to stockholders of record on April 15. Bayo received the dividend on April 15 and ultimately sells half of the Lathit stock on November 17 of the current year for $29.30 per share less a brokerage fee of $250. The fair value of the remaining shares is $29.50 per share. The amount that Bayo should report in the equity section of its year-end December 31 balance sheet for its investment in Lathit is:

Reference no: EM13823295

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