On its December 31, 2003, balance sheet, Quinn Co. reported its investment in available-for-sale securities, which had cost $360,000, at a fair value of $330,000. At December 31, 2004, the fair value of the securities was $355,000. What should Quinn report on its 2004 income statement as a result of the increase in the fair value of the investments in 2004?

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Investments are priced at a reduced cost or equal value As a consequence investment ... View the full answer