Question:XYZ Company has three securities in its portfolio available for sale, as follows:

Security 1: Beatty, Cost: $78,000, 12/31/06 Market Value: $93,600, 12/31/07 Market Value:$100,100
Security 2: Cole, Cost: $117,000, 12/31/06 Market Value: $120,900, 12/31/07 Market Value:$0
Security 3: Sells, Cost: $58,500, 12/31/06 Market Value: $53,500, 12/31/07 Market Value:$50,700

The Cole stock was sold in Year 2 for $127,400.

Assume that on 12/31 Year 2, XYZ Company reclassifies the Sells stock to A "trading security" status.

Given the above information, what amount would be reported for the Sells stock in XYZ's trading security portfolio? 

A $58,500 
B $53,300 
C $50,700 
D None of these 

+ Answer
A 

+ Explanation
Answer not sure

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Md. Habib Ullah

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