In 2015, Osgood Corporation purchased $8.4 million in 10-year municipal bonds at face value. On December 31, 2016, the bonds had a market value of $3,700,000 and Osgood reclassified the bonds from held to maturity to trading securities. Osgood's December 31, 2016, balance sheet and the 2016 income statement would show the following:

Balance sheet Investment in municipal bonds

Income statement Loss on investments

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