On December 31, 2019, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.

On December 31, 2019, the total fair value of the securities was equal to its cost. In 2020, the following transactions occurred.
Aug.  1 Received £0.70 per share cash dividend on Carlene Co. ordinary shares.

Sept. 1 Sold 2,000 ordinary shares of Riverdale Co. for cash at £8 per share.

Oct.   1 Sold 800 ordinary shares of Carlene Co. for cash at £33 per share.

Nov.  1 Received £1 per share cash dividend on Raczynski Co. ordinary shares.

Dec.  15 Received £0.70 per share cash dividend on Carlene Co. ordinary shares.
          31 Received £1 per share annual cash dividend on Riverdale Co. ordinary shares.

At December 31, the fair values per share of the ordinary shares were Carlene Co. £32, Riverdale Co. £8, and Raczynski Co. £18.

Instructions
a. Journalize the 2020 transactions and post to the account Share Investments. (Use the T-account form.)
b. Prepare the adjusting entry at December 31, 2020, to show the securities at fair value. The shares should be classifi ed as non-trading securities.
c. Show the statement of fi nancial position presentation of the investments at December 31, 2020.
At this date, Ogallala Associates has share capital—ordinary £1,500,000 and retained earnings £1,000,000.

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Ordinary Shares Carlene Co. Riverdale Co. Raczynski Co. Shares Cost 2,000 £60,000 5,000 45,000 1,500 30,000