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Business, 24.09.2020 21:01 Darkknighta26

Smith buys and sells equity securities. On December 15, 2021, Smith purchased $542,000 of Jones shares and elected the fair value option to account for the Jones investment. As of December 31, 2021, the Jones shares had a fair value of $588,000. In the 2021 financial statements, Smith will report (ignore taxes):. A. Investment income of $25,000 in its income statement.
B. Other comprehensive income of $25,000.
C. Accumulated other comprehensive income of $525,000.
D. An investment in Jones of $500,000.

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