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On its December 31, 2020 balance sheet, Crane Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment account. There was no change during 2021 in the composition of Crane's portfolio of debt investments held as available-for-sale debt securities. The following information pertains to that portfolio:

On its December 31, 2020 balance sheet, Crane Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment account. There was no change during 2021 in the composition of Crane's portfolio of debt investments held as available-for-sale debt securities. The following information pertains to that portfolio:

FINANCIAL ACCOUNTING
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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On its December 31, 2020 balance sheet, Crane Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment account. There was no change during 2021 in the composition of Crane's portfolio of debt investments held as available-for-sale debt securities. The following information pertains to that portfolio: Security Cost Fair value at 12/31/21 X $124000 $106000 Y 76000 72000 Z 127000 77000 $309000 $273000 The amount of unrealized loss to appear as a component of comprehensive income for the year ending December 31, 2021 is ○ $46000. $0. ○ $14000. ○ $18000.
Transcribed Image Text:On its December 31, 2020 balance sheet, Crane Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment account. There was no change during 2021 in the composition of Crane's portfolio of debt investments held as available-for-sale debt securities. The following information pertains to that portfolio: Security Cost Fair value at 12/31/21 X $124000 $106000 Y 76000 72000 Z 127000 77000 $309000 $273000 The amount of unrealized loss to appear as a component of comprehensive income for the year ending December 31, 2021 is ○ $46000. $0. ○ $14000. ○ $18000.
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