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Problem 1: On July 2, 2003, Wynn, Inc., purchased as a short-term investment a P1,000,000 face value Kean Co. 8% bond for P910,000 plus accrued interest to yield 10%. The bonds mature on January 1, 2010, pay interest annually on January 1, and are classified as held for trading securities. On December 31, 2003 the bonds had a fair value of P945,000. On February 13, 2004, Wynn sold the bonds for P920,000. In its December 31, 2003 balance sheet, what amount should Wynn report for short- term investments in held for trading debt securities?
a. 910,000
b. 920,000
c. 945,000
d. 950,000
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