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On January 1, 2020, Sarasota Inc. had the following balance sheet. Assets Cash Debt investments (available-for-sale) Total SARASOTA INC. BALANCE SHEET AS OF JANUARY 1,
On January 1, 2020, Sarasota Inc. had the following balance sheet. Assets Cash Debt investments (available-for-sale) Total SARASOTA INC. BALANCE SHEET AS OF JANUARY 1, 2020 Equity $54,600 Common stock 238,100 Accumulated other comprehensive income $292,700 Total $273,300 19,400 $292,700 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Sarasota Incis available-for-sale debt securities at December 31, 2020, was $203,800; its cost was $139,400. No securities were purchased during the year. Sarasota Inc.'s income statement for 2020 was as follows. (Ignore income taxes.) SARASOTA INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Dividend revenue $5,100 Gain on sale of investments 29,000 Net income $34,100 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 for the amounts.) Account Titles and Explanation Debit Credit 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 List of Accounts Prepare a statement of comprehensive income for 2020. SARASOTA INC. Statement of Comprehensive Income Prepare a balance sheet as of December 31, 2020. SARASOTA INC. Balance Sheet (Partial) Assets $ Liabilities and Stockholders' Equity
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