At the end of 2020, Terry Company prepared the following schedule of equity investments:

Security Cost 12/31/20 Fair value Cumulative Changes in FV

M 37,000 34,200 -2,800

N 42,000 43,100 1,100

Total 79,000 77,300 -1,700

During 2021, the following transaction occurred:

June 8: Purchased equity securities O (<20% holding) for $50,000

Oct 11: Sold all of the M securities for $35,400

Dec 31: Received dividends of $900 on the N and O securities, and the year-end total market values were available: The N securities, $43,900; the O securities, $49,600.

A. How much was the ending balance of its equity investments by 12/31/2021?

A.0

B.92,000

C.93,500

D. None Above

B. What was the total impact on the company's net income for year 2021?

A.0

B. -1,600

C. 1,600

D. None above

C. How much was its gain/loss on sale of equity investments for year 2021?

A. 0

B. -1,600

C. 1,200

D. None above