1 2 3 4 5 6 7 8 9 On January 1, 2023, Greenwood Inc. had the following balance sheet. Assets Cash AFS debt investments Total Greenwood Inc. Balance Sheet 1/1/23 $ 50,000 240,000 $ 290,000 Common stock Accumulated OCI Total Equity Greenwood Inc. Income Statement FYE 12/31/23 .0 1 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. 2 The fair value of Greenwood Inc.'s available-for-sale debt securities at December 31, 2023, was $190,000; its cost was $140,000. 3 No securities were purchased during the year. Greenwood Inc.'s income statement at the end of 2023 was as follows. (Ignore income taxes.) 4 5 6 7 8 9 O 1 2 = Required: 1. Prepare the journal entry to record the sale of the available-for-sale debt securities in 2023. 2. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2023. 3. Prepare a statement of comprehensive income for 2023. 4. Prepare a balance sheet as of December 31, 2023. Dividend revenue Gain on sale of investments Net income $ 260,000 30,000 $ 290,000 $ 5,000 30,000 $35,000

On lanuary 1, 2023, Greenwood inc. had the following balance sheet. The accumulated other comprehensive income related to unrea lized holding gains on available-for-sale debt securities. The fair value of Greenwood inc.'s available-for-sale debt securities at December 31, 2023, was $190,000; its cost was $140,000. No securities were purchased during the vear. Greenwood Inc.'s income statement at the end of 2023 was as follows. (Iennore income taxes Required: 1. Prepare the journal entry to record the sale of the available-for -sale debt securities in 2023. 2. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2023. 3. Prepare a statement of comprehensive income for 2023