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What is the total effect on net income

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Question - The following transactions occurred during the year for XYZ Corporation:

(a) During the year, trading securities were purchased for $250,000.

(b) During the year, securities available for sale were purchased for $80,000.

(c) During the year, trading securities that are carried on the balance sheet at their fair value of $125,000 were sold for $125,000 cash.

(d) At the end of the year, the trading securities portfolio has an aggregate market value of $142,000 and an aggregate cost of $150,000.

(e) At the end of the year the securities available for sale portfolio has an aggregate market value of $95,000.

Question: What is the total effect on Net Income?

Reference no: EM132019523

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