Smith buys and sells securities which it typically classifies as available for sale. On December 15, 2011, Smith purchased $548,000 of Jones shares, and elected the fair value option to account for the Jones investment. As of December 31, 2011, the Jones shares had a fair value of $592,000. In the 2011 financial statements, Smith will show (ignore taxes): a. an investment in Jones of $548,000. b. investment income of $44,000 on their income statement. c. other comprehensive income of $44,000. d. accumulated other comprehensive income of $592,000