Which of the following statements regarding marketable securities is correct? 3 Held to maturity securities are reported at fair value Unrealized holding gains or losses for available for sale securities are reported in earnings Unrealized holding gains or losses for trading securities are reported in comprehensive income 9 Available for sale securities are reported at fair value 1 12 Question 11 (4 points) The ending merchandise inventory for the current year is understated by $28,000. What effect will this error have on the following year's net income? 4 15 The net income will be overstated by $56,000. The net income will be understated by $56,000. The net income will be understated by $28,000. The net income will be overstated by $28,000