Smith buys and sells securities, which it typically classifies as available for sale. On December 15, 2016, Smith purchased $531,000 of Jones shares and elected the fair value option to account for the Jones investment. As of December 31, 2016, the Jones shares had a fair value of $566,000. In the 2016 financial statements, Smith will report (ignore taxes): Other comprehensive income of $35,000. Accumulated other comprehensive income of $566,000. Investment income of $35,000 in its income statement. An investment in Jones of $531,000