B) What is the loss on sale of investment and how do you calculate?

Problem 17-11 (Part Level Submission)

Skysong Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks.

Security		Quantity				Cost		Fair Value
Lindsay Jones, Inc.		1,000 shares				$15,100		$21,000
Poley Corp.		2,000 shares				40,100		42,200
Arnold Aircraft		2,000 shares				71,400		59,400
				Totals		$126,600		$122,600

(a) Your answer is correct. What should be reported on Skysong's December 31, 2020, balance sheet relative to these securities? What should be reported on Skysong's 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Skysong Corp. Balance Sheet (Partial) December 31, 2020 Current Assets Equity Investments 122600 $ Income Statement For the Year Ended December 31, 2020 Other Expenses and Losses Unrealized Holding Gair 4000 Click if you would like to Show Work for this question: Open Show Work (b) Your answer is partially correct. Try again. On December 31, 2021, Skysong's securities portfolio consisted of the following common stocks. Cost Fair Value Security Lindsay Jones, Inc. Lindsay Jones, Inc. $15,100 Quantity 1,000 shares 2,000 shares 1,000 shares 33,200 15,800 Duff Company $20,000 40,300 12,100 21,800 $94,200 Arnold Aircraft 2,000 shares 71,400 $135,500 Totals During the year 2021, Skysong Corp. sold 2,000 shares of Poley Corp. for $38,300 and purchased 2,000 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff Company. What should be reported on Skysong's December 31, 2021, balance sheet? What should be reported on Skysong's 2021 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Skysong Corp. Balance Sheet (Partial) December 31, 2021 Current Assets What should be reported on Skysong's December 31, 2021, balance sheet? What should be reported on Skysong's 2021 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Skysong Corp. Balance Sheet (Partial) December 31, 2021 Current Assets so Equity Investments 94200 94200 Skysong Corp. Income Statement (Partial) For the Year Ended December 31, 2021 Other Expenses and Losses X Loss on Sale of Invest 2000 Unrealized Holding Gair 37300 Click if you would like to Show Work for this question: Open Show Work