• 2022-06-09
    Michael Company purchased a trading investment that had a carrying amount of $35,000 when they decided to sell it. Michael Company purchased the investment for $31,000. If Michael Company sold this investment for $45,000, Michael will have a(n):
    A: Gain on Sale of Trading Security for $14,000.
    B: Gain on Sale of Trading Security for $10,000.
    C: Unrealized Loss on Trading Security of $4,000.
    D: Unrealized Gain on Trading Security of $14,000.