Question: Goofy Inc. bought a sizeable amount of Crazy Co.'s bonds for $203,000 on May 5, 2020, and classified the investment as available-for-sale. The market value

Goofy Inc. bought a sizeable amount of Crazy Co.'s bonds for $203,000 on May 5, 2020, and classified the investment as available-for-sale. The market value of the bonds declined to $130,000 by December 31, 2020. Goofy reclassified this investment as trading securities in December of 2021 when the market value had risen to $165,000. What effect on 2021 net income should be reported by Goofy for the Crazy Co. bonds?

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