Thomas corporation bought 25000 shares of powers company, Accounting Basics

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Thomas corporation bought 25000 shares of powers company

Question: Thomas Corporation bought 25,000 shares of Powers Company stock for $250,000 on April 17. The market value of the stock declined to $195,000 by December 31. Thomas reclassified the investment as trading securities in December of the following year when the market value had risen to $215,000. What amount should be reported on the Year 2 income statement for the Powers shares?

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