Mackenzie Inc made an available for sale (AFS) investment of $750,000 in corporate bonds of Lesley corporation on December 12, 2019. Its fair value on December 31, 2019, was $734,000. Investment was sold on January 6, 2020 for $769,000.

1. What is the balance in investment in AFS security at 12/31/2020? (A. $0, B. $734,000, C. $769,000, D. $750,000)

2. What is the balance in AOCI (Accumulated Other Comprehensive Income) at 12/31/2020? (A. Debit of $16,000, B. Credit of $16,000, C. Debit of $19,000, D. $0, E. Credit of $35,000)

3. What amount was recorded in the income statement in 2019? (A. Gain of $16,000, B. Gain of $19,000, C. Loss of $19,000, D. Loss of $16,000, E. $0)