Problem

Lester Corporation’s statement of cash flows for 2009 shows the following investingactivit...

Lester Corporation’s statement of cash flows for 2009 shows the following investingactivities:

Proceeds from sale of marketable securities

$  160,000

Purchase of land

(250,000)

Proceeds from sale of land

125,000

 

Net cash provided by investing activities

$    15,000

 

Lester’s income statement for 2009 includes the following:

 

Loss on sale of marketable securities

$47,000

Gain on disposal of land

65,000

 

 

 

Refer to the above data.The cost (book value) of the marketable securities sold during 2009 was:

a $207,000. b $113,000. c $160,000. d Some other amount.

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Solutions For Problems in Chapter 13