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Glass Company buys and sells securities which it typically classifies as available for sale. On...

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Accounting

Glass Company buys and sells securities which it typically classifies as available for sale. On December 15, 2018, Glass purchased $100,000 of Abilene, Inc. shares and elected the fair value option to account for the Abilene investment. As of December 31, 2018, the Abilene shares had a fair value of $105,000 in the 2018 financial statements. Glass will show (ignore taxes):

An investment in Abilene of $100,000

Other comprehensive income of $5,000

Accumulated other comprehensive income of $105,000

Investment income of $5,000 in its income statement

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