Reed, Inc., began operations on January 1. The following information pertains to Reed's December 31 securities:

Trading

Available-for-Sale

Cost

$360,000

$550,000

Fair value

320,000

450,000

Lower of cost or fair value

applied to each security

304,000

420,000

If the declines are judged to be temporary, what amounts should Reed report for its trading and available-for-sale securities in the assets section of its December 31 balance sheet?

Trading

Available-for-Sale

$320,000

$450,000

$360,000

$450,000

$360,000

$550,000

$304,000

$420,000