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What effect on income should be reported

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Question - Goofy Inc. bought 15,000 shares of Crazy Co.'s stock for $205,000 on May 5, 2012, and classified the stock as available for sale. The market value of the stock declined to $129,000 by December 31, 2012. Goofy reclassified this investment as trading securities in December of 2013 when the market value had risen to $165,000. What effect on 2013 income should be reported by Goofy for the Crazy Co. shares?

Reference no: EM131909883

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