Problem 17-9 On January 1, 2017, Sage Inc. had the following balance sheet. SAGE INC. BALANCE SHEET AS OF JANUARY 1, 2017 Assets Equity $254,100 Debt investments (available-for-sale 216,700 Accumulated other comprehensive income 12,400 $266,500 Cash $49,800 Common stock Total $266,500 Total The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Sage Inc.s available-for-sale debt securities at December 31, 2017, was $177,700; its cost was $138,200. No securities were purchased during the year. Sage Inc.s income statement for 2017 was as follows. (Ignore income taxes.) SAGE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Dividend revenue Gain on sale of investments Net income $4,500 28,600 $33,100 Your answer is partially correct. Try again. Prepare the journal entry to record the sale of the available-for-sale debt securities in 2017. (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 0 for the amounts.) Account Titles and Explanation Debit Credit 94700 gain on sale of investments 28600 investment income 66100 Your answer is partially correct. Try again. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2017. (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 fair value adjustment Debit Credit unrealized holding gain or loss - equity Your answer is partially correct. Try again. Prepare a statement of comprehensive income for 2017. SAGE INC Statement of Comprehensive Income For the Year Ended December 31, 2017 Net Income 33100 Other Comprehensive Income Unrealized Holding Gain Prepare a balance sheet as of December 31, 2017 SAGE INC. Balance Sheet (Partial) December 31, 2017 Cash 149000 Debt Investments 177700 326700 Total Assets Liabilities and Stockholders' Equity Stockholders' Equity Common Stock 254100 Retained Earnings 33100 Accumulated Other Comprehensive Income Total Stockholders' Equity