(Gain on Sale of Investments and Comprehensive Income) On January 1, 2014, Acker Inc. had the following balance sheet.

Cash $ 50,000 Common stock $260,000

Equity investments (available-for-sale) 240,000 Accumulated other comprehensive income 30,000

Total $290,000 Total $290,000

The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Acker Inc.s available-for-sale securities at December 31, 2014, was $190,000; its cost was $140,000. No securities were purchased during the year. Acker Inc.s income statement for 2014 was as follows. (Ignore income taxes.)

Dividend revenue $ 5,000 Gain on sale of investments 30,000 Net income $35,000

(Assume all transactions during the year were for cash.) (a) Prepare the journal entry to record the sale of the available-for-sale securities in 2014. (b) Prepare a statement of comprehensive income for 2014. (c) Prepare a balance sheet as of December 31, 2014.