Question 2 (3 points)
One January 2, 2016, Alpha Company purchased 10,500 shares of Bravo Company stock, as trading securities, for $10 per share. On July 3, 2016 the securities were trading on the open market for $12.50 per share. On December 31, 2016, the closing market price for these securities was $9.50 per share. What value should the trading securities be reported for Alpha Company’s FY 2016 balance sheet?