On July 1, 2014, Surf Company purchased long-term investments in available-for-sale securities as follows: Blue Corporation common stock (par $5) 2,000 shares at $16 per share. Black Company preferred stock (par $20) 1,500 shares at $30 per share. The quoted market prices per share on December 31, 2014 were as follows:
Blue Corporation stock, $15 per share Black Company stock, $30 per share
Each of the long-term investments represents 10% of the total shares outstanding. The combined carrying value of the long-term investments reported in the statement of financial position at December 31, 2014 would be which of the following?

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The Answer of On July 1, 2014, Surf Company purchased long-term investments in available-for-sale securities as follows: Blue Corporation common stock (par $5) 2,000 shares at $16 per share. Black Company preferred stock (par $20) 1,500 shares at $30 per share. The quoted market prices per share on December 31, 2014 were as follows:
Blue Corporation stock, $15 per share Black Company stock, $30 per share
Each of the long-term investments represents 10% of the total shares outstanding. The combined carrying value of the long-term investments reported in the statement of financial position at December 31, 2014 would be which of the following?

On July 1, 2014, Surf Company Purchased Long-Term Investments in Available-For-Sale