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What amount should Mayce report

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Question - At year end, Mayce Co. held investments with the intent of selling them in the near future. The investments consisted of $300,000, 9%, seven-year bonds purchased for $268,000 and other debt securities purchased for $75,000. At year end, the bonds were selling on the open market for $320,000, and the other debt securities had a fair value of $70,000. What amount should Mayce report in its year-end balance sheet and income statement related to the trading securities?

A. $343,000$0 gain or loss

B. $370,000$27,000 gain

C. $390,000$47,000 gain

D. $395,000$52,000 gain

Reference no: EM133027969

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