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Goofy Inc. bought a sizeable amount of Crazy Co's bonds for $150,000 on May 5, 2017, and classified the investment as available for sale. The

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Goofy Inc. bought a sizeable amount of Crazy Co's bonds for $150,000 on May 5, 2017, and classified the investment as available for sale. The market value of the bonds declined to $118,000 by December 31, 2017. Goofy reclassified this investment as trading securities in December of 2018 when the market value had risen to $125,000. What effect on 2018 income should be reported by Goofy for the Crazy Co. bonds? $25,000 net unrealized holding loss O $7.000 net unrealized holding gain $32,000 net unrealized holding loss

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