On December 31, 2010, Patel Co. purchased equity securities as trading securities. Pertinent data are as follows:
Fair Value
Security Cost 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.
Answer: B