Business, 10.03.2020 00:01, kingmichael2xx

On July 1, year 2, Metaro Corporation purchased for $108,000, 2,000 shares of Jean Corporation’s newly issued 6% cumulative $20 par value preferred stock. Each share also had one stock warrant attached, which entitled the holder to acquire, at $19, one share of Jean $10 par value common stock for each two warrants held. On July 2, year 2, the market price of the preferred stock (without warrants) was $50 per share and the market price of the stock warrants was $10 per warrant. On September 1, year 2, Metaro sold all the stock warrants for $19,800. What should be the gain on the sale of the stock warrants?

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On July 1, year 2, Metaro Corporation purchased for $108,000, 2,000 shares of Jean Corporation’s new...