At December 31, 2020, the available-for-sale debt portfolio for Crane Corp. is as follows.

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At December 31, 2020, the available-for-sale debt portfolio for Crane Corp. is as follows. Unrealized Gain (Loss) Securities Cost Fair Value Good Co. Bonds $30,000 $28,000 $(2,000) Home Co. Bonds 28,700 30,400 1,700 Grand Inc. Debentures 37,600 38,500 900 96,300 96.900 600 Before an adjusting entry on December 31, 2020, the fair value adjustment account contained a credit balance of $490. Crane Corp. reported net income of $78,300 for 2020. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Fair Value Adjustment 1090 Unrealized Holding Gain or Loss - Equity 1090 Attempts: 2 of 3 used CRANE CORP. Balance Sheet December 31, 2020 urrent Assets quity Investments $ 96900 tockholders' Equity dditional Paid-in Capital etained Earnings ommon Stock 1002 dd V: Accumulated Other Comprehensive Income 600 otal Stockholders' Equity 600 Save for Later Last saved 1 hour ago. Attempts: 1 of 3 used Submit