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Munger.Com began operations on January 1, 2006. The company reports the following information about its investments at December 31, 2006:
Current assets ($ in thousands)
Cost
Market
Investments in marketable debt securities:
Able Corp. bonds (held-to-maturity)
$ 330
$ 290
Bryan Co. bonds (available-for-sale)
800
825
Caltran, Inc. bonds (trading)
550
515
Investments in marketable equity securities:
Available-for-sale
1,110
1,600
Trading
1,500
950
Required:
a. Show how each of these investments are reported on the Munger.Com balance sheet.
b. For assets that are marked to market, indicate where the unrealized value fluctuation is reported (in net income and/or in comprehensive income).
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