QUESTION 1.
On September 1, 2X12, Yelter Oil purchased trading securities consisting of common and preferred stocks. The portfolio consists of:
Company # of shares purchase price/share market value (9/30/2X12)
Haring 400 $24 $20
Jacker 200 $16 $19
What will be the net gain or loss recorded on Yelter Oil's income statement for the quarter ended September 30, 2X12?