At year end, Mayce Co. held investments with the intent of selling them in the near future.The investments consisted of $300,000, 9%, seven-year bonds purchased for $268,000 and other debt securities purchased for $75,000.At year end, the bonds were selling on the open market for $320,000, and the other debt securities had a fair value of $70,000.What amount should Mayce report in its year-end balance sheet and income statement related to the trading securities?

Balance sheetIncome statement

A.

$343,000$0 gain or loss

B.

$370,000$27,000 gain

C.

$390,000$47,000 gain

D.

$395,000$52,000 gain