Accounting for Marketable Equity Securities Among the various responsibilities of the Chief Financial Officer (CFO) of the Amphlett Corporation was the management and oversight of the firm's cash reserves. During the year, the CFO had invested some of the firm's excess cash in what she thought were three undervalued stocks. All of the securities were classified as trading securities. At year-end, she reviewed how the portfolio of investments had done. Cost Fair Value Investment Basis at Year-End Bristol- Myers Squibb, Inc. $70,000 $54,000 Titanium Metals, 50,000 55,000 Zila, Inc. 50,000 80,000 $170,000 $189,000 Corp Required Calculate the value that would be assigned to the portfolio of marketable equity securities on the balance sheet of The Amphlett Corporation at year-end under each of the following approaches: a. Cost $ b. Lower-of-cost-or-market Individual-security basis $ Portfolio basis $ C. Fair value $