On December $31,2021,$ the end of its first year of coperations, Crane Associates owned the following securities that are held as long$-$

term investments.

On this date the total fair value of the securities was equal to its cost. The securities are nat held for influence or control over the

irwestees. In $2022,$ the following transactions occurred.

At December $31,$ the fair values per share of the comman stocks were C Co$.$ $$43,$ D Co$.$ $$6\mathrm{.}50,$ and ECa. $$26.$ These investments

should be classified as long$-$term

Journalize the $2022$ transactions. $($Record journal entries in the arder presented in the problem. Credit account tities are automatically

indented when the omount is entered. Do not indent manually. If no entry is required. seiect $"$No$.$ Entry" for the account titles and enter Ofor

indented when

Post to the account Stock Investments.

$($b$)$

$-$

Your answer is partially correct

Prepare the adjusting entry at December $31,2022,$ to show the securities at fair value. Crane has less than a $20\%$ owmership

interest in all these common stocks IC Co$.,$ DCo., and E Co$.].($Credit account tities ore outomatically indented when the amount is

entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account tities and enter Ofar the amounts.$)$

List of Accounts

Attempts: $1$ of $3$ used