Marco Insurance Marco Insurance acquired shares of Penny Systems' common stock on December 28, 2013, for $400,000 and classified them as trading securities.The fair value of these securities on December 31, 2013, was $402,000.Marco Insurance sold these shares on January 3, 2014, for $405,000.
(Refer to Marco Insurance.) The total income from the purchase and sale of these securities is
A) $5,000
B) $4,000
C) $3,000
D) $2,000
E) $1,000
Correct Answer:
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