15. Bay Company acquires 60, 8%, 5 year, $1,000 Community bonds on January 1, 2020 for $60,000 If Bay sells all of its Community bonds for $56,500, what gain or loss is recognized? a. Loss of $0 b. Loss of $3,500 c. Gain of $0 d. Gain of $3,500 46. Reporting investments at fair value is a. applicable to stock securities only. b. applicable to debt securities only. c. applicable to both debt and stock securities. d. a conservative approach because only losses are recognized