At December 31, 2020, the equity investments of Flint Inc. that were accounted for using the FV-OCI model without recycling were as follows:

Investment		Cost and Carrying Amount				Fair Value			Unrealized Gain (Loss)
Ahn Inc.			$174,600			$150,200			$(24,400	)
Burnham Corp.			122,200			141,600			19,400
Chi Ltd.			73,400			75,300			1,900
Total			$370,200			$367,100			$(3,100	)

Because of a change in relationship with Ahn Inc., Flint Inc. sold its investment in Ahn for $154,300 on January 20, 2021. No other investments were acquired or sold during 2021; however, a dividend of $1,400 was received from Burnham Corp. in June. At December 31, 2021, the fair values of Burnham and Chi shares were $153,000 and $72,000, respectively.

Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount

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List of Accounts

Assistance Used

Prepare the presentation of all investment-related accounts on the statement of financial position at December 31, 2020. Assume that the balance of AOCI at December 31, 2019 is zero. (Enter negative amounts using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)

Flint Inc. Statement of Financial Position choose the accounting period For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020
select an opening subsection name Total Long-term InvestmentsTotal Current AssetsCurrent AssetsLong-term InvestmentsTotal Shareholders EquityShareholders Equity
select a balance sheet item Investments in Equity Securities, FV-OCICashUnrealized Losses on FV-OCI InvestmentsOther Current LiabilitiesUnrealized Gains on FV-OCI InvestmentsInventory		$enter a dollar amount
select an opening section name Current AssetsTotal Current AssetsTotal Shareholders EquityLong-term InvestmentsTotal Long-term InvestmentsShareholders Equity
select a balance sheet item Total Long-Term DebtTotal Accumulated Other Comprehensive IncomeFixed AssetsLong-Term DebtAccumulated Other Comprehensive IncomeLong-Term Investments
select a balance sheet item InventoryInvestments in Equity Securities, FV-OCICashOther Current LiabilitiesUnrealized Gains on FV-OCI InvestmentsUnrealized Losses on FV-OCI Investments		$enter a dollar amount

eTextbook and Media

List of Accounts

Indicate what accounts and amounts would be reported on the statement of comprehensive income for the year ended December 31, 2020, and where each would be reported. (Enter negative amounts using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)

Flint Inc. Statement of Comprehensive Income choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
select a comprehensive income item Net Income / (Loss)Other Comprehensive Income Item that will not be reclassified to net incomeOther Comprehensive Income Item that will be reclassified to net incomeGross Profit / (Loss)Comprehensive Income / (Loss)		$XXX
select an opening section name Net Income / (Loss)Other Comprehensive Income Item that will not be reclassified to net incomeComprehensive Income / (Loss)Other Comprehensive Income Item that will be reclassified to net incomeGross Profit / (Loss)
select a comprehensive income item Unrealized gain on FV-OCI investmentsHolding Gains on InvestmentsDividend RevenueUnrealized net loss on FV-OCI investmentsInterest Expense		enter a dollar amount
select a closing name for this statement Comprehensive Income / (Loss)Gross Profit / (Loss)Net Income / (Loss)Other Comprehensive Income Item that will not be reclassified to net incomeOther Comprehensive Income Item that will be reclassified to net income		$XXX

eTextbook and Media

List of Accounts

Prepare the journal entries for the 2021 sale of the investment in Ahn Inc., including reclassifying holding gains or losses to retained earnings and for the dividend received from Burnham Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 20, 2021	enter an account title to adjust to fair value at date of disposal on January 20	enter a debit amount	enter a credit amount
	enter an account title to adjust to fair value at date of disposal on January 20	enter a debit amount	enter a credit amount
	(To adjust to fair value at date of disposal)
Jan. 20, 2021	enter an account title to record disposal on January 20	enter a debit amount	enter a credit amount
	enter an account title to record disposal on January 20	enter a debit amount	enter a credit amount
	(To record disposal)
Jan. 20, 2021	enter an account title to reclassify holding loss on January 20	enter a debit amount	enter a credit amount
	enter an account title to reclassify holding loss on January 20	enter a debit amount	enter a credit amount
	(To reclassify holding loss)
June 2021	enter an account title for the journal entry on June 2021	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on June 2021	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Prepare the journal entry required at December 31, 2021, to adjust the investments to fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)