American Steel Corp. had following securities at the end of 2015 (no securities were bought or sold during the year):

Fair Value,

Security Classification Cost Dec. 31, 2015

A . . . . . . . . . . . . . . . . . . . . . . Trading $10,000 $12,000

B . . . . . . . . . . . . . . . . . . . . . . Trading 16,000 10,000

C . . . . . . . . . . . . . . . . . . . . . . Available for sale 12,000 15,000

D . . . . . . . . . . . . . . . . . . . . . . Available for sale 20,000 15,000

E . . . . . . . . . . . . . . . . . . . . . . Held to maturity 20,000 22,000

At the beginning of 2015, American Steel had a credit balance in its Market Adjustment Trading Securities' account of $1,000 and a debit balance in its Market Adjustment AFS Securities account of $4,000.

If net income before any adjustments related to investment securities was $100,000, what would be reported net income be after adjustments?

• $93,000
• $97,000
• None of these
• $91,000
• $96,000