On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows:\ Fair Value\ Security Cost At 12/31/22\ A $225,000 $215,000\ B 200,000 210,000\ C 230,000 210,000\ On December 31, 2022, Kona transferred its investment in security C from trading to available for sale\ because Kona intends to retain security C as a long term investment. 

What total amount of gain or loss on\ its securities should be included in Kona's income statement for the year ended December 31, 2022?

Answer rating: 100% (QA)

To determine the total amount of gain or loss that should be included in Konas income statement for ... View the full answer