Presented below is selected information related to the financial instruments of Teal Company at December 31, 2020. This is Teal Company's first year of operations. Carrying Amount Fair Value (at December 31) Investment in debt securities (intent is to hold to maturity) $ 38,600 $ 39,600 Investment in Chen Company stock 867,900 988,200 Bonds payable 215,000 191,500 (a) Teal elects to use the fair value option for these investments. Assuming that Teals net income is $ 102,500 in 2020 before reporting any securities gains or losses, determine Teal's net income for 2020. Assume that the difference between the carrying value and fair value is due to credit deterioration. Teal's net income for 2020 $