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What is the balance in the unrealized holding gains

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Question - Midwest Bank invests in equity securities. At the beginning of December 2019, the bank held no equity securities. During December of 2019, it entered into the following transactions:

Dec. 10 Purchased 400 shares of Carroll Company common stock for $75 per share.

Dec. 21 Purchased 700 shares of Dynamo Company common stock for $30 per share.

At the end of December, the Carroll Company common stock had a quoted market price of $79 per share, and the Dynamo Company common stock had a quoted market price of $33 per share.

Required - What is the balance in the Unrealized Holding Gains/Losses account on December 31, 2019?

a. Debit balance of $3,700

b. Credit balance of $3,700

c. Debit balance of $55,000

Reference no: EM133184092

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