Edwards Company began business in February of 2007. During the year, Edwards purchased the three trading securities listed below. On its December 31, 2007, balance sheet, Edwards appropriately reported a $4,000 credit balance in its Market Adjustment- Trading Securities account. There was no change during 2008 in the composition of Edward's portfolio of trading securities. Pertinent data are as follows:
Security Cost Market Value December 31, 2008
A $120,000 $126,000
B 90,000 80,000
C 160,000 157,000
D $370,000 $363,000
What amount of loss on these securities should be included in Edward's income statement for the year ended December 31, 2008?
A. $0
B. $3,000
C. $7,000
D. $11,000