Nonts Co purchased $36.000 of marketable securities on March 1, Year 1. On the companys fiscal year closing date, December 31, Year 1, the securities had a market value of $27000. During Year 1, Norris Co. recognized $10,000 of revenue and $2.000 of expenses Required . Record a 1% (-), OINA) in a horizontal statements modet to show how the purchase of the securities affects the financial statements, assuming that the securities are classified as (1) held to maturity, (2) trading or (3) avalloble for sale in the Cash Flow column, indicate whether the event is an operating activity (OM). Investing activity (A) or financing activity (FA) Use A to indicate that an element was not affected by the event. Record only the effects of the purchase event Event No 1 Type Balance Sheet Investment Securities Liabiti Cash Stockholders Income Statement Revenge Net Expense Income Cash Flow to May Awwise for Sale b. Determine the amount of net income that would be reported on the Year 1 income statement, assuming that the marketable securities are dassified as (1) held to maturity. 2) trading, or (3) available for sale (Amounts to be deducted and losses should be indicated with a minus sign.) NORRIS CO Computation of Net Income For Year Ended December 31, Year 1 Classifieds Held to Maturity Trading Available for Bale Revenue Expenses Untold Loss $ 05 0