A local governmental entity began the year with a portfolio of securities with an historical cost of $600 and a fair value of $620.During the year the government acquired an additional security at a cost of $130 and sold for $100 a security that had an historical cost of $86 and a fair value at the beginning of the year of $95.At the end of the year the securities portfolio had a fair value of $665.The amount that should be recognized on the financial statements for the year as investment income is

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The Answer of A local governmental entity began the year with a portfolio of securities with an historical cost of $600 and a fair value of $620.During the year the government acquired an additional security at a cost of $130 and sold for $100 a security that had an historical cost of $86 and a fair value at the beginning of the year of $95.At the end of the year the securities portfolio had a fair value of $665.The amount that should be recognized on the financial statements for the year as investment income is

A Local Governmental Entity Began the Year with a Portfolio