In 2016, Osgood Corporation purchased $8.9 million of 10-year municipal bonds at face value. On December 31, 2018, the bonds had a fair value of $2,700,000 and Osgood reclassified the bonds from held to maturity to trading securities. Osgood's December 31, 2018, balance sheet and the 2018 income statement would show the following:

Investment in municipal bonds

Income statement loss on investments

a.		2,700,000				0
b.		2,700,000				6,200,000
c.		8,900,000				6,200,000
d.		8,900,000				0