Xiaohui Chu-Lab 8.pdf - ACC 101 Lab u2014 Fall 2020 Lab...

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ACC 101 Lab Fall 2020 Name: Xiaohui Chu Lab Assignment #8 Multiple Choice (2 points each) Use the following information about PNC Bank to answer the next three questions. On September 18, 2020, PNC Bank purchased 14,000 shares of Microsoft stock for $200 per share and classified the investment as TRADING . On September 30, 2020, Microsoft stock was trading at $210 per share, and on October 31, 2020, Microsoft stock was trading at $202 per share. 1. The Investment in Microsoft will be shown on PNC Bank’s September 30, 2020 Balance Sheets for: a. $2,800,000 b. $2,828,000 c. $2,870,000 d. $2,940,000
2. The Unrealized Gain or Unrealized Loss on this trading investment will be shown on PNC Bank’s September 2020 Income Statement for:
3. Which of the following is TRUE about investments categorized as trading securities?
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