16) ABC Corporation has the following investment which was held throughout 2021-2022 Fair Value 12/31/21 12/31/22 $1,200,000 $1,140,000 Cost $900,000 Equity investment What amount of gain or loss would ABC Corporation report in its income statement for the year ended December 31, 2022 related to its investment? A) $300,000 gain B) $60,000 gain C) $60,000 loss D) $240,000 gain 17) At December 31, 2021, ABC Company has an equity portfolio valued at $160,000. Its cost was $132,000. If the Securities Fair Value Adjustment has a debit balance of $8,000, which of the following journal entries is required at December 31, 2021? A) Unrealized Holding Gain or Loss-Income28,000 Fair Value Adjustment 28,000 B) Fair Value Adjustment 28,000 Unrealized Holding Gain or Loss-Income 28000 C) Fair Value Adjustment 20,000 Unrealized Holding Gain or Loss-Income 20,000 D) Unrealized Holding Gain or Loss-Income 20,000 Fair Value Adjustment 20,000 18) ABC Company's equity securities portfolio which is appropriately included in current assets is as follows: December 31, 2021 Fair Unrealized Cost Value Gain (Loss) $260,000 $215,000 $(45,000) 245.000 265.000 20.000 Catlett Corp. Lyman, Inc