Which of the following is false about trading securities, if any?

a.Trading securities are carried at fair value in the balance sheet

b.Unrealized holding gains and losses on trading securities are included in the net income of the income statement

c.Interest revenue is accrued and discounts or premiums are adjusted throughout the period the company owns the bond.

d.Changes in fair value are recorded in a valuation account, such as Fair Value Adjustment, not the Investment account.

e.All of the above are true statements.