need answer for question b

On December 31, 2021, the end of its first year of operations, Sheridan Associates owned the following securities that are held as long-term investments. Shares Cost Common Stock c Co. 960 $43,200 D Co. 5,170 40,843 E Co. 1,090 21,800 23 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. 1 July 1 Received $2.00 per share semiannual cash dividend on D Co.common stock Aug. 1 Received $0.50 per share cash dividend on C Co.common stock Sept. Sold 960 shares of D Co. common stock for cash at $9 per share. Sold 290 shares of C Co.common stock for cash at $53 per share. Received 51 per share cash dividend on E Co.common stock. Dec. 15 Received $0.50 per share cash dividend on Co.common stock Received $2.30 per share semiannual cash dividend on D Co.common stock. Oct. 1 Nov. 1 31 At December 31. the fair values per share of the common stocks were C Co. $44, D Co. $7.70, and E Co. $24. These investments should be classified as long-term (a) Date Account Titles and Explanation Debit Credit uly 1 V Cash 10340 Dividend Revenue 10340 V ug. 1 Cash 480 Dividend Revenue 480 ept. 1 Cash 8640 Gain on Sale of Stock Investments 1056 584 Stock Investments Ict. 1 Cash 15370 Stock Investments 13050 Gain on Sale of Stock Investments 2320 lov. 1 V Cash 1090 Dividend Revenue 1090 Sec 15 v Cash 335 Dividend Revenue 335 Cash lec 31 9683 Dividend Revenue 9683 Post to the account Stock Investments. Stock Investments Jan. 1 Balance 105843 Sept. 1 7584 Oct 1 13050 Dec. 31 Balance 85209 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) ws Your answer is partially correct. Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. Sheridan has less than a 20% ownership interest in all these common stocks (C Co., D Co., and Co.). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts:) Date Account Titles and Explanation Debit Credit Dec 31 Fair Value Adjustment-Stock 85209 85209 Unrealized Gain or Loss-Income eTextbook and Media List of Accounts Attempts: 1 of 3 used Submit Answer Save for Later