Case 8-8 Accounting for trading and available-for-sales securities At the end of the first year of operations, Key company had a current equity securities portfolio classified as available-for-sale securities with a cost of $500,000 and a fair value of$550,000. At the end of its second year of operations, Key had a current equity securities portfolio classified as available-for-sale securities with a cost of $525,000 and a fair value of $475,000. No securities were sold during the first year. One Security with a cost of $80,000 and a fair value of $70,000 at the end of the first year was sold for $100,000 during the second year. Required: B) How should Key company report the proceeding facts in its balance sheets and income statements for both years if the security had been classified as TRADING SECURITIES? Discuss the rationale of your answer. Please... it is due tonight