The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary as of December 31, 2010  and 2009 are as follows (in thousands): The carrying amounts above are included in other assets in the consolidated balance sheets. The income and loss related to  these investments are recorded in (loss) income from equity and cost method investments in the consolidated statement of  operations. We recorded income of $2.1 million, a loss of $0.6 million and $4.4 million for the years ended December 31, 2010,  2009 and 2008, respectively. As of December 31, 2010 and December 31, 2009, our unfunded commitments totaled $14.9 million  and $16.8 million, respectively.  The preparation of financial statements in accordance with accounting principles generally accepted in the United States of  America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues  and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results  could differ from those estimates. In 2004, Sprint Nextel Corporation (Nextel) agreed to relocate its airwaves to end interference between its cellular signals and  the wireless signals used by the country’s public safety agencies. As part of this agreement, the FCC granted Nextel the right to a  certain spectrum within the 1.9 GHz band that was used by television broadcasters for electronic news gathering. Accordingly,  Nextel entered into agreements with several of our stations to exchange our existing analog equipment for comparable digital  equipment. As equipment was exchanged and placed in service, we recorded a gain to the extent that the fair market value of the  equipment received exceeds the carrying amount of the equipment relinquished. The equipment is recorded at the estimated fair  market value and is depreciated over a useful life of eight years. For the year ended December 31, 2009 and 2008, we recorded a  gain of $4.9 million and $3.2 million, respectively, for the equipment received. We received all applicable equipment pursuant to  the agreement in 2009.  In September 2009, the FASB ratified the Emerging Issues Task Force’s (EITF’s) amended guidance on accounting for revenue  arrangements with multiple deliverables. The amended guidance allows the use of an estimated selling price for the undelivered  units of accounting in transactions in which vendor-specific objective evidence (VSOE) or third-party evidence (TPE) does not  exist. The amended guidance no longer allows the use of the residual method when allocating arrangement consideration  between the delivered and undelivered units of accounting if VSOE and TPE of selling price does not exist for all units of  accounting. Entities are required to estimate the selling price of the deliverables, when VSOE and TPE are not available, and  then allocate the consideration based on the relative selling prices of the deliverables. This guidance also requires additional  disclosures including the amount of revenue recognized each reporting period and the amount of deferred revenue as of the end  of each reporting period under this guidance. This guidance is effective for revenue arrangements entered into or materially  modified in fiscal years beginning after June 15, 2010 and should be applied on a prospective basis. We do not believe that this  guidance will have a material impact on our consolidated financial statements.  In January 2010, the FASB amended the guidance on fair value measurements and disclosures to add two new disclosure  provisions to the current fair value disclosure guidance, including (1) details of transfers in and out of level 1 and level 2  measurements, and (2) gross presentation of activity within the level 3 roll forward. The guidance also amends two existing fair  value disclosure requirements so that entities are required to disclose (1) the valuation techniques and inputs used to develop fair  value measurements for assets and liabilities that are measured at fair value on both a recurring basis and nonrecurring basis in  periods subsequent to initial recognition and (2) fair value measurement disclosures for each class of assets and liabilities. A class  is defined as a subset of assets or liabilities within a line item in the statement of financial position. The guidance is for interim  and annual reporting periods beginning after December 15, 2009, except for the changes to the level 3 roll forward which are  effective for fiscal years beginning after December 15, 2010. We added the required disclosures under this guidance to our  consolidated financial statements.  34    Sinclair Broadcast Group  Recent Accounting Pronouncements  Nonmonetary Asset Exchanges  Use of Estimates  2010 2009 Carrying  amount  Maximum  exposure  Carrying amount  Maximum  exposure  Investments in real estate ventures  $ 7,769  $ 7,769  $ 8,796  $ 8,796  Investments in investment companies  24,872 24,872 21,108 21,108 Total  $ 32,641  $ 32,641  $ 29,904  $ 29,904 