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

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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Enid Inc. Balance Sheet As of January 1, 2008 Equity Assets Cash Available-for-sale securities Total $50,000 240,000 $290,000 Common stock Accumulated other comprehensive income Total $250,000 40,000 $290,000