Michael Company purchased a trading investment that had a carrying amount of $35,900 when its management decided to sell it. The investment was purchased for $32,000. If Michael Company sold this investment for $45,100, Michael will have a(n) :
A) Gain on Sale of Trading Security for $13,100.
B) Gain on Sale of Trading Security for $9200.
C) Unrealized Loss on Trading Security of $9200.
D) Unrealized Gain on Trading Security of $13,100.
Correct Answer:
Verified
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