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Gooly Inc. bought a sizeable amount of Crazy Co's bonds for $209,000 on May 5, 2020, and classified the investment as avaliable for sale. The
Gooly Inc. bought a sizeable amount of Crazy Co's bonds for $209,000 on May 5, 2020, and classified the investment as avaliable for sale. The market value of the bonds declined to $130,000 by December 31 2020 Goofy reclassified this investment as trading securities in December of 2021 when the market value had risen to $152.000. What effect on 2021 net income should be reported by Goofy for the Crazy Co bonds Multiple Choice $22,000 need holding gam 50 $57,000 netured holding lo $79.000 het urrealized holding los
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