Sonar Company prepared a draft of its 2014 balance sheet. The draft statement reported total assets of $437,500 . Included in this total assets figure were the following items: Treasury stock of Sonar Company at cost, which approximates market value on December 31 ................ $12,000 Unamortized patents ..................................... 5,600 Cash surrender value of life insurance on
corporate executives .............................................. 6,850 Unrealized holding losses on available-for-sale securities ............................................ 4,200 At which amount should Sonar' total assets be correctly reported in the December 31 . 2014, balance sheet?
a. $420,850
b. $421,300
c. $425,050
d. $425,500
D
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