Problem
During 20X6, M acquired 100 shares of L Corporation stock at $20 per share, 200 shares of P Corporation stock at $40 per share, and 100 shares of F Corporation stock at $30 per share. All of these shares were purchased as trading securities. The market price per share of these securities at the end of 20X6 and 20X7, respectively, are:
L, $8 and $22 / P, $38 and $34 / F, $34 and $30
What is the balance sheet amount for trading securities at the end of 20X7?