The following table was taken from the 2014 annual report of Merck & Company, a major U.S.

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The following table was taken from the 2014 annual report of Merck & Company, a major U.S. pharmaceutical company (dollars in millions).2014 2013 2012 $4,404 $6,168 $11,920 Net income Short-term equity investments: Net unrealized (loss)/gain (19) 52 57


REQUIRED:
a. How much did mark-to-market accounting impact net income?
b. This table indicates that Merck carries investments on its balance sheet. What are they, and what happened to the values of those investments in 2014, 2013, and 2012?

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