On its December 31, 2022 balance sheet, AOTD Inc. reported its investment in trading securities, which had cost $2,296,000, at its fair value of $1,836,800. At December 31, 2023, the fair value of the securities was $2,181,200. What should AOTD Inc. report on its 2023 income statement as a result of the change in fair value of the investment?

a) an unrealized loss of $459,200

b) a realized loss of $114,800

c) an unrealized gain of $344,400

d) a realized gain of $803,600