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 firms cash reserves. During the year, the CFO had invested some of the firms 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.

Investment	Cost Basis	Fair Value at Year-End
Bristol-Myers Squibb, Inc.	$50,000	$42,000
Titanium Metals, Corp	50,000	55,000
Zila, Inc.	50,000	80,000
	$150,000	$177,000

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