On January 1 2008 Enid Inc Had The Following Balance

On January 1, 2008, Enid Inc. had the following balance sheet.

On January 1, 2008, Enid Inc. had the following balance

The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Enid Inc.’s available-for-sale securities at December 31, 2008, was $190,000; its cost was $120,000. No securities were purchased during the year. Enid Inc.’s income statement for 2008 was as follows.
(Ignore income taxes.)
Enid Inc.
Income Statement
For the Year Ended December 31, 2008
Dividend revenue …………..$15,000
Gain on sale of available-for-sale securities ……20,000
Net income ……………$35,000
Instructions
(Assume all transactions during the year were for cash.)
(a) Prepare the journal entry to record the sale of the available-for-sale securities in 2008.
(b) Prepare a statement of comprehensive income for 2008.
(c) Prepare a balance sheet as of December 31,2008.

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