As of January 18, 2013, Zenith Corporation had the following information about its portfolio of marketable securities that have been classified as FVOCI securities:

Cost of securities (purchased in 2009): $200,000

Market value of the securities on

12/31/2009: $240,000

12/31/2010: $160,000

12/31/2011: $ 90,000

12/31/2012: $ 18,000

On January 19, 2013, the company decided to sell the entire portfolio for $12,000.

Required:

a. What effect did the ownership of the securities have on Zeniths net income for each year from 2009 through 2012?

b. What effect did the ownership of the securities have on Zeniths equity as of December 31, 2012?

c. How would the sale of the securities affect Zeniths net income, assets and equity, and cash flows for 2013? State the dollar amounts. (4 points)