Pharoah Company's equity securities portfolio which is appropriately included in current assets is as follows:

	December 31, 2018
	Cost	Fair Value	Unrealized Gain (Loss)
Catlett Corp.	$180000	$151000	$-29000
Lyman, Inc.	173000	185000	12000
	$353000	$336000	$-17000

Ignoring income taxes, what amount should be reported as a charge against income in Pharoah's 2018 income statement if 2018 is Pharoah's first year of operation?

Expert Solution

Net unrealized loss is $17000

The amount to be reported as a charge against income in Pharoah's 2018 income statement is $17000 loss

ekkarill92 answered 2 years ago

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