Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $63 per bond and classified the investment as securities available-for-sale. The value of the Jack investment was $81 per bond on...

Extracted text: Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $63 per bond and classified the investment as securities available-for-sale. The value of the Jack investment was $81 per bond on December 31, 2019, and $110 per bond on December 31, 2020. During 2021, Ace sold all of its Jack investment at $145 per bond. In its 2021 income statement, Ace would report: Multiple Choice A gain of $350,000. A gain of $470,000. A gain of $1,290,000. A gain of $820,000. < prev="" 11="" of="" 16="" next="">