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The reclassification of trading securities as available-for-sale would produce the following effect:
The reclassification of trading securities as available-for-sale would produce the following effect:a. The balance sheet would need to be adjusted to report the securities at fair market value and there would be no effect on the income statement.b. There would be no effect on either the balance sheet or the income statement.c. The balance sheet would need to be adjusted to report the securities at fair market value and unrealized gains or losses on the date of the transfer would be included in net income.d. There would be no effect on the balance sheet and unrealized gains or losses on the date of the transfer would be included in net income.
