On January 1, 2020, Crane Inc. had the following balance sheet. Assets CRANE INC. BALANCE SHEET AS OF JANUARY 1, 2020 Equity $45,700 Common stock 252,300 Accumulated other comprehensive income $298,000 Total Cash Debt investments (available-for-sale) Total $263,000 35,000 $298,000 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Crane Inc's available-for-sale debt securities at December 31, 2020, was $199,500; its cost was $150,600. No securities were purchased during the year. Crane Inc.'s income statement for 2020 was as follows. (Ignore income taxes.) CRANE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Dividend revenue $4,900 Gain on sale of investments 27,100 Net income $32,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. (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 O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. (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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media Prepare a statement of comprehensive income for 2020. CRANE INC. Statement of Comprehensive Income e Textbook and Media List of Accounts Prepare a balance sheet as of December 31, 2020. CRANE INC. Balance Sheet (Partial) Assets Liabilities and Stockholders' Equity e Textbook and Media List of Accounts On January 1, 2020, Crane Inc. had the following balance sheet. Assets CRANE INC. BALANCE SHEET AS OF JANUARY 1, 2020 Equity $45,700 Common stock 252,300 Accumulated other comprehensive income $298,000 Total Cash Debt investments (available-for-sale) Total $263,000 35,000 $298,000 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Crane Inc's available-for-sale debt securities at December 31, 2020, was $199,500; its cost was $150,600. No securities were purchased during the year. Crane Inc.'s income statement for 2020 was as follows. (Ignore income taxes.) CRANE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Dividend revenue $4,900 Gain on sale of investments 27,100 Net income $32,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. (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 O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. (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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media Prepare a statement of comprehensive income for 2020. CRANE INC. Statement of Comprehensive Income e Textbook and Media List of Accounts Prepare a balance sheet as of December 31, 2020. CRANE INC. Balance Sheet (Partial) Assets Liabilities and Stockholders' Equity e Textbook and Media List of Accounts
