Calculate the Gain (Loss) under each of the scenarios and where would this Gain (Loss) appear on the financial statements?

E8.20 Trading Securities. Martin Inc. purchased the following equity securities during 2019: 2019 Year-End Value Security Tindall Corp. Louis Corp. Nichols Inc Cost $205,000 380,000 530,000 $228,000 412,000 558,000 Assume these are the only securities Martin owns and that the company accounts for them as trading securities. Required 1. How will changes in the prices of the securities affect net income? 2. What would the effect on net income be if the Nichols Inc. securities were worth $463,000 al year-end (instead of $558,000)