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Homework answers / question archive / At December 31, 2020, the available-for-sale debt portfolio for Crane, Inc

At December 31, 2020, the available-for-sale debt portfolio for Crane, Inc

Accounting

At December 31, 2020, the available-for-sale debt portfolio for Crane, Inc. is as follows.

Security

 

Cost

 

Fair Value

 

Unrealized
Gain (Loss)

A   $17,600   $16,000   $(1,600 )
B   11,100   15,500   4,400  
C   24,000   25,800   1,800  
Total   $52,700   $57,300   4,600  
Previous fair value adjustment balance—Dr.   500  
Fair value adjustment—Dr.   $4,100  


On January 20, 2021, Crane, Inc. sold security A for $16,100. The sale proceeds are net of brokerage fees.

Crane, Inc. reports net income in 2020 of $124,000 and in 2021 of $147,000. Total holding gains (including any realized holding gain or loss) equal $43,000 in 2021.

Prepare a statement of comprehensive income for 2020, starting with net income.

CRANE, INC
Statement of Comprehensive Income

                                                                      For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020

                                                                      Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss

     

$

                                                                      Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss

       

                                                                      Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss

       

                                                                      Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss

      

$

Prepare a statement of comprehensive income for 2021, starting with net income.

CRANE, INC
Statement of Comprehensive Income

                                                                      For the Year Ended December 31, 2021For the Month Ended December 31, 2021December 31, 2021

                                                                      Comprehensive IncomeNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainsUnrealized Holding Loss

$

                                                                      Comprehensive IncomeNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainsUnrealized Holding Loss

                                                                      Comprehensive IncomeNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainsUnrealized Holding Loss

$

                                                                      Add Less:                                                                       Comprehensive IncomeNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainsUnrealized Holding Loss

                                                                      Comprehensive IncomeNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainsUnrealized Holding Loss

$

                                                                      Current Period Other Comprehensive income accumulated Other Comprehensive IncomeBeginning Balance, January 1, 2021Ending Balance, December 31, 2021Amount Reclassified from Accumulated Other Comprehensive IncomeUnrealized Holding Gains

                                                                      Beginning Balance, January 1, 2021Amount Reclassified from Accumulated Other Comprehensive IncomeCurrent Period Other Comprehensive incomeEnding Balance, December 31, 2021Accumulated Other Comprehensive IncomeUnrealized Holding Gains

$

                                                                      Accumulated Other Comprehensive IncomeCurrent Period Other Comprehensive income amount Reclassified from Accumulated Other Comprehensive IncomeEnding Balance, December 31, 2021Beginning Balance, January 1, 2021Unrealized Holding Gains

$

                                                                      Beginning Balance, January 1, 2021Unrealized Holding GainsAccumulated Other Comprehensive IncomeAmount Reclassified from Accumulated Other Comprehensive IncomeEnding Balance, December 31, 2021Current Period Other Comprehensive income

                                                                      Accumulated Other Comprehensive IncomeEnding Balance, December 31, 2021Unrealized Holding GainsAmount Reclassified from Accumulated Other Comprehensive IncomeBeginning Balance, January 1, 2021Current Period Other Comprehensive income

                                                                      Amount Reclassified from Accumulated Other Comprehensive IncomeEnding Balance, December 31, 2021Current Period Other Comprehensive income accumulated Other Comprehensive IncomeBeginning Balance, January 1, 2021Unrealized Holding Gains

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