Some of Crane Corporation's investments in debt securities are classified as trading securities and some are classified as available-for- sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) Trading securities $96,500 $85,000 $(11,500) Available-for-sale securities $60,000 $63,000 $3,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,100, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,200. Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. 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.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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mance or pr,200.
Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. 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.)
No. Account Titles and Explanation
Debit
Credit
Trading securities:
Available-for-sale securities:
1.
2.
Transcribed Image Text:mance or pr,200. Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. 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.) No. Account Titles and Explanation Debit Credit Trading securities: Available-for-sale securities: 1. 2.
Some of Crane Corporation's investments in debt securities are classified as trading securities and some are classified as available-for-
sale. The cost and fair value of each category at December 31, 2022, were as follows.
Cost
Fair Value
Unrealized Gain (Loss)
Trading securities
$96,500
$85,000
$(11,500)
Available-for-sale securities
$60,000
$63,000
$3,000
At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,100, and the Fair Value Adjustment-
Available-for-Sale account had a credit balance of $7,200.
Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. 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.)
Transcribed Image Text:Some of Crane Corporation's investments in debt securities are classified as trading securities and some are classified as available-for- sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) Trading securities $96,500 $85,000 $(11,500) Available-for-sale securities $60,000 $63,000 $3,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,100, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,200. Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. 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.)
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