单选题 Earlier this year, Ponca Corporation purchased non-dividend paying equity securities which it classified as trading securities. Information related to the securities is as follows:

Security	Cost	Fair value at year - end
X	$ 400000	$435000
Y	$ 550000	$ 545000

What amounts should Ponca report in its year-end income statement and balance sheet as a result of its investment in securities X and Y? Income Statement Balance Sheet A. $ 30000 unrealized gain $ 950000 B. No gain or loss $ 980000 C. $ 30000 unrealized gain $ 980000

【正确答案】 C

【答案解析】Trading securities are reported in the balance sheet at fair value. At the end of the year, the fair value of the securities was $ 980000 ($ 435000+$ 545000). The unrealized gains and losses from trading securities are recognized in the income statement. Thus, Ponca would recognize an unrealized gain of $ 30000 ($ 980000 fair value-$ 950000 cost).