Problem: On December 31, 2010, Patel Co. purchased equity securities as trading securities. Pertinent data are as follows:
Security Cost Fair Value At 12/31/11
A $132,000 $117,000
B 168,000 186,000
C 288,000 258,000
On December 31, 2011, Patel transferred its investment in Security C from trading to available for sale because Patel intends to retain Security C as a long-term investment. What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2011?
a) 3,000 gain
b) 27,000 loss
c) 30,000 loss
d) 45,000 loss