Problem 17-11 Fernandez 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 $15,000 $21,000 Poley Corp. 2,000 shares 40,000 42,000 Arnold Aircraft 2,000 shares 72,000 60,000 Totals $127,000 $123,000 Your answer is partially correct. Try again. What should be reported on Fernandez's December 31, 2020, balance sheet relative to these securities? What should be reported on Fernandez's 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Fernandez Corp. Balance Sheet (Partial) December 31, 2020 TCurrent Assets T Equity Investments 123,000 Income Statement For the Year Ended December 31, 2020 V TOther Expenses and Losses Unrealized Holding Gair 4,000 Your answer is partially correct. Try again. On December 31, 2021, Fernandez's securities portfolio consisted of the following common stocks. Security Lindsay Jones, Inc. Lindsay Jones, Inc. Duff Company Arnold Aircraft Quantity 1,000 shares 2,000 shares 1,000 shares 2,000 shares Cost $15,000 33,000 16,000 72,000 $136,000 Fair Value $20,000 40,000 12,000 22,000 $94,000 Totals During the year 2021, Fernandez Corp. sold 2,000 shares of Poley Corp. for $38,200 and purchased 2,000 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff Company. What should be reported on Fernandez's December 31, 2021, balance sheet? What should be reported on Fernandez's 2021 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Fernandez Corp. Balance Sheet (Partial) December 31, 2021 TCurrent Assets T Equity Investments 94,000 Fernandez Corp. Income Statement (Partial) TOther Expenses and Losses X I Unrealized Holding Gair 1,800 Loss on Sale of Investn 38,000 Your answer is partially correct. Try again. On December 31, 2022, Fernandez's securities portfolio consisted of the following common stocks. Security Arnold Aircraft Duff Company Quantity 2,000 shares 500 shares Cost $72,000 8,000 $80,000 Fair Value $82,000 6,000 $88,000 6,00 Totals During the year 2022, Fernandez Corp. sold 3,000 shares of Lindsay Jones, Inc. for $39,900 and 500 shares of Duff Company at a loss of $2,700. What should be reported on the face of Fernandez's December 31, 2022, balance sheet? What should be reported on Fernandez's 2022 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Fernandez Corp. Balance Sheet (Partial) December 31, 2022 Current Assets T Equity Investments 88,000 Fernandez Corp. Income Statement (Partial) For the Year Ended December 31, 2022 TOther Expenses and Losses T Unrealized Holding Gair 10,800 Loss on Sale of Investn 46,000
