Norris Co. purchased $42,000 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 $21,000. During Year 1, Norris Co. recognized $14,000 of revenue and $6,000 of expenses

Determine the amount of net income that would be reported on the Year 1 income statement, assuming that the marketable securities are classified 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
Classified as:	Held-to-Maturity	Trading	Available-for-Sale
Revenue
Expenses
Unrealized Loss
Net Income (loss)	$0	$0	$0