Presented below is selected information related to the financial instruments of Whispering Company at December 31, 2020. This is Whispering Companys first year of operations.

		Carrying Amount		Fair Value (at December 31)
Investment in debt securities (intent is to hold to maturity)		$41,500		$42,600
Investment in Chen Company stock		874,600		991,000
Bonds payable		202,900		179,200

(a) Whispering elects to use the fair value option for these investments. Assuming that Whisperings net income is $106,400 in 2020 before reporting any securities gains or losses, determine Whisperings net income for 2020. Assume that the difference between the carrying value and fair value is due to credit deterioration.

Whisperings net income for 2020

$