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What total amount of gain or loss on its securities

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Reference no: EM133108444

Question - On December 31, 2017, Patel Company purchased debt securities as trading securities. Pertinent data are as follows:

Security

Cost

Fair Value At 12/31/18

A

$132,000

$119,000

B

172,000

186,000

C

288,000

263,000

On December 31, 2018, Patel transferred its investment in security C from trading to available-for-sale because Patel intends to retain security C as a long-term investment. What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2018?

Reference no: EM133108444

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