Pink Partners Holds an Available-For-Sale Equity Investment with a Carrying

Pink Partners holds an available-for-sale equity investment with a carrying value of $40,000.The current fair value of the investment is $24,000.There is objective evidence of this impairment and the impairment is other-than-temporary.Should an impairment loss be recorded? How much of this loss should be classified in net income and how much should be classified in other comprehensive income?

A) Yes,the $16,000 impairment loss should be reported as part of net income.
B) No,an impairment loss should not be recorded because this is an equity investment.
C) Yes,the $16,000 impairment loss should be split evenly between net income and other comprehensive income.
D) Yes,there is an impairment loss of $16,000.However,there is not enough information to determine if this loss should be recorded in Net Income or as part of Other Comprehensive Income.