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Reed, Inc., began operations on January 1. The following information pertains to Reed’s December 31 securities:
..................................Trading ...Available-for-Sale
Cost............................. $360,000 ......$550,000
Fair value........................ 320,000 .......450,000
Lower of cost or fair value
applied to each security .....304,000 .......420,000
If the declines are judged to be temporary, what amounts should Reed report for its trading and available-for-sale securities in the assets section of its December 31 balance sheet? Trading Available-for-Sale