Question $1$

Ch$.17($Extra Credit, $2$ Points$)$ McElroy Company purchased $1,000$ shares of Oakwodd Corp. common stock at $$180,000$ on $10/20/2020.$ The fair value of these

shares was $$179,000$ on $\frac{12}{31}\frac{?}{2020}.$ How would this investment be reported on the balance sheet of McElroy on $\frac{12}{31}\frac{?}{2020}?$

as trading securities at $$180,000.$

as trading securities at $179,000.$

as available$-$for$-$sale securities at $$180,000.$

as available$-$for$-$sale securities at $$179,000.$