O'Leary Enterprises began investing in short-term equity securities in 2011. The following information was extracted from its 2011 internal financial records. Houser and Miller were classified as trading securities, while Letter and Nordic were classified as available-for-sale securities.

REQUIRED:a. Compute the effect on reported 2011 income from all investment transactions and price changes.b. Compute the effect on reported 2011 income if O'Leary Enterprises exercised the fair market value option for all its investments.

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Total 12/31/08 Market Value Dividends Purchases Security Sales Received Houser Company Miller, Inc. Letter Books Nordic Equipment *Per share 90 shares @ S22 180 shares @ $40 S25 90 shares @ S30 85 5 shares @ S55 30 145 shares @ S95 50 35 46 90 170 shares @ S70