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17 prt9

On January 1, 2020, Blue Inc. had the following balance sheet.

BLUE INC. BALANCE SHEET AS OF JANUARY 1, 2020
Assets				Equity
Cash		$ 48,800		Common stock		$ 257,600
Debt investments (available-for-sale)		216,700		Accumulated other comprehensive income		7,900
Total		$ 265,500		Total		$ 265,500

The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Blue Inc.s available-for-sale debt securities at December 31, 2020, was $ 200,800; its cost was $ 136,900. No securities were purchased during the year. Blue Inc.s income statement for 2020 was as follows. (Ignore income taxes.)

BLUE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020
Dividend revenue		$ 5,400
Gain on sale of investments		32,100
Net income		$ 37,500

Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. (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

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List of Accounts

Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. (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

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List of Accounts

Prepare a statement of comprehensive income for 2020.

BLUE INC. Statement of Comprehensive Income For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020
Comprehensive IncomeNet IncomeOther Comprehensive IncomeUnrealized Holding GainUnrealized Holding LossComprehensive Loss			$
Comprehensive IncomeNet IncomeOther Comprehensive IncomeUnrealized Holding GainComprehensive LossUnrealized Holding Loss
Comprehensive IncomeNet IncomeOther Comprehensive IncomeUnrealized Holding GainComprehensive LossUnrealized Holding Loss
Comprehensive IncomeNet IncomeOther Comprehensive IncomeUnrealized Holding GainComprehensive LossUnrealized Holding Loss			$

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List of Accounts

Prepare a balance sheet as of December 31, 2020.

BLUE INC. Balance Sheet (Partial) December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Assets
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity			$
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity			$
Liabilities and Stockholders' Equity
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity			$
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
Accumulated Other Comprehensive IncomeAccumulated Other Comprehensive LossCashCommon StockCurrent LiabilitiesDebt InvestmentsIntangible AssetsLong-term LiabilitiesProperty, Plant and EquipmentRetained EarningsStockholders' EquityTotal AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity			$

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