Please solution and show work no plagiarism please In January 2022, the management of Crane Company concludes that it has sufficient cash to permit some short-term investments indebt and equity securities. During the year, the following transactions occurred.Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Oct. 1Purchased 800 shares of Muninger common stock for $40,000.Purchased 1.000 shares of Tatman common stock for $25,000.Purchased 30 of $1,100,7% Yoakem bonds for $33,000. Interest is payable semiannually on April 1 and October 1.Received a cash dividend of $0.60 per share on the Muninger common stockSold 266 shares of Muninger common stock at $60 per share.Received a $1 per share cash dividend on the Tatman common stock.Received the semiannual interest on the Yoakem bonds.Sold the Yoakem bonds for $31,800,At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stockinvestments by Crane Company provide less than a 20% ownership interest. (b)Prepare the adjusting entry at December 31, 2022, to report the investment securities at fair value. All securities are consideredto be trading securities. (List all debit entries before credit entries. Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts)Date Account Titles and ExplanationDec. 31eTextbook and MediaList of AccountsSave for LaterDebitCreditAttempts: 0 of 3 used Submit Answer

Journal refers to a chronological record of all financial transactions of a business. It typically…

Prepare the adjusting entry at December 31, 2022. to report the investment securities at fair value. All securities are considered to be trading securities. (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) Date Account Titles and Explanation Dec. 31 eTextbook and Media Debit Credit

Prepare the adjusting entry at December 31, 2022. to report the investment securities at fair value. All securities are considered to be trading securities. (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) Date Account Titles and Explanation Dec. 31 eTextbook and Media Debit Credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 25E

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