Trading securities are

a. reported at cost on the balance sheet and any associated unrealized gains or losses are reported as an expense against operating revenue on the income statement

b. reported at fair value in the Assets section of the balance sheet and any associated unrealized gains or losses are reported as an adjustment in the Stockholders Equity section of the balance sheet

c. reported in the Stockholders Equity section of the balance sheet and any associated unrealized gains or losses are reported in the Other Revenue (Loss) section of the income statement

d. reported at fair value in the Assets section of the balance sheet and any associated unrealized gains or losses are reported in the Other Revenue (Loss) section of the income statement