Munger.Com began operations on January 1, 2006. The company reports the following information about its investments at December 31, 2006:
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Current assets ($ in thousands)
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Cost
|
Market
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Investments in marketable debt securities:
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|
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Able Corp. bonds (held-to-maturity)
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$ 330
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$ 290
|
|
Bryan Co. bonds (available-for-sale)
|
800
|
825
|
|
Caltran, Inc. bonds (trading)
|
550
|
515
|
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Investments in marketable equity securities:
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|
|
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Available-for-sale
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1,110
|
1,600
|
|
Trading
|
1,500
|
950
|
|
|
|
|
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Required:
a. Show how each of these investments are reported on the Munger.Com balance sheet.
b. For assets that are marked to market, indicate where the unrealized value fluctuation is reported (in net income and/or in comprehensive income).