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On December 31, 2019, GABM, Inc. reported its investment in trading securities at $554,000, it's fair value on that day. The portfolio originally cost $616,000.

On December 31, 2019, GABM, Inc. reported its investment in trading securities at $554,000, it's fair value on that day. The portfolio originally cost $616,000. On December 31, 2020, the fair value of the securities was $609,000. What will GABM, Inc. report on its 2020 income statement as a result of the change in fair value during the year?

$7,000

$55,000

$62,000

Nothing. This adjustment would be reported as Other Comprehensive Income.

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