. At December 31, 2021, Crane Corporation had the following debt securities that were purchased during 2021, its first year of operation: Cost FairValue UnrealizedGain (Loss)Trading Securities: SecurityA$90000$ 66000$(24000) B16000210005000 Totals $106000$87000$(19000)Available-for-Sale Securities: SecurityY$80000$90000$10000 Z9500063000(32000) Totals $175000$153000$(22000)All market declines are considered temporary. Fair value adjustments at December 31, 2021 should be established with a corresponding charge againstMultiple choice IncomeStockholders’ Equity$19000$ 0$22000$ 0$19000$42000$19000$22000

Answered: . At December 31, 2021, Crane…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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. At December 31, 2021, Crane Corporation had the following debt securities that were purchased during 2021, its first year of operation:

		Cost		Fair Value		Unrealized Gain (Loss)
Trading Securities:
	Security	A	$90000	$ 66000	$(24000)
		B	16000	21000	5000
	Totals		$106000	$87000	$(19000)
Available-for-Sale Securities:
	Security	Y	$80000	$90000	$10000
		Z	95000	63000	(32000)
	Totals		$175000	$153000	$(22000)

All market declines are considered temporary. Fair value adjustments at December 31, 2021 should be established with a corresponding charge against

Multiple choice

Income

Stockholders’ Equity

$19000

$ 0

$22000

$ 0

$19000

$42000

$19000

$22000

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