In $2024,$ Lakeside, Inc. purchased $$8\mathrm{.}5$ million worth of $10-$year municipal bonds at face value. Lakeside classifies the bonds as trading securities$.$ On December $31,2024,$ the bonds had a fair value of $$3,400,000.$ Lakeside's December $31,2024$ balance sheet and the $2024$ income statement would show the following:

Investment in

bonds $($TS$)$ Income

statement

loss on

investments

a$.$ $ $3,400,000$ $ $0$

b$.$ $ $3,400,000$ $ $5,100,000$

c$.$ $ $8,500,000$ $ $5,100,000$

d$.$ $ $8,500,000$ $ $0$

Multiple Choice

Option a$.$

Option b$.$

Option d$.$

Option c$.$