Current Attempt in Progress On December 31, 2021, the end of its first year of operations, Sheridan Associates owned the following securities, that are held as a long-term investments. The securities are not held for influence or control of the investee. Common Stock Gehring Co. Wooderson Co. Kitselton Co. Aug. Sept. 1 Oct. . 1 1 1 Dec. 15 Shares On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred. Dec. 31 2,200 5,000 1,400 Cost $61,600 40,000 28,000 Received $0.50 per share cash dividend on Gehring Co. common stock. Sold 1,500 shares of Wooderson Co. common stock for cash at $7 per share. Sold 880 shares of Gehring Co. common stock for cash at $31 per share. Received $2 per share cash dividend on Kitselton Co. common stock. Received $0.50 per share cash dividend on Gehring Co. common stock. Received $2 per share annual cash dividend on Wooderson Co. common stock. At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $7, and Kitselton Co. $18. These investments should be classified as long-term.

On December 31,2021, the end of its first year of operations, Sheridan Associates owned the following securities, that are held as a long-term investments. The securities are not held for influence or control of the investee. On December 31,2021 , the total fair value of the securities was equal to its cost. In 2022, the following transactions cocurred. Aug. 1 Received $0.50 per share cash dividend on Gehring Co. commonstock Sept. 1 Sold 1,500 shares of Wooderson Co. coenimon stock for cash at $7 per share. Oct. 1. Sold 880 shares of Gehring Ca common stock for cashat $31 per share. Nov, 1 Received $2 per stare cash dividend on Kitselton Ca common stock Dec. 15. Recelved $0.50 per share cash dividend on Gehring Co. common stock Dec, 31 Bectived $2 per share annual cash dividend on Woodlerson Ca common stock At December 31, the far values per share of the comman stocks were. Gehring Co.$30, Woodersan Co. $7, and Kitselton Ca $18. These impestments should be classified as long-term Prepare the adjusting entry at December 31,2022 , to show the securities at fair value. (List all debit entries before credit entries. Credit account tities are automatically indented when amount is entered. Do not indent manualik, If no entry is required, select ' No entry" for the account titles and enter O for the amounts.) Show the balance sheet presentation of the investments at December 31,2022. At this date, Sheridan Associates has common stock $1576,000 and retained earnings $1,119,000