Reporting Gains and Lossesin the Available-for-SaleSecurities Portfolio
On March 10, 2011, Patton, Inc., purchased 10,000 shares of Eisenhower stock for S48 per share. Management recorded it in the securities available for sale portfolio. The following information pertains to the price per share of Eisenhower stock:
| Price |
12/31/2011 | $49 |
12/31/2012 | 35 |
12/31/2013 | 37 |
Patton sold all of the Eisenhower stock on September 12, 2014, at a price of $33 per share. Prepare any journal entries that are required by the facts presented in this case.
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