On December 31, 2020, Ivanhoe Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.

Common Stock		Shares		Cost
Gehring Co.		2,000		$64,000
Wooderson Co.		5,200		36,400
Kitselton Co.		1,800		39,600

On December 31, 2020, the total fair value of the securities was equal to its cost. In 2021, the following transactions occurred:

Aug.	1		Received $0.50 per share cash dividend on Gehring Co. common stock.
Sept.	1		Sold 1,560 shares of Wooderson Co. common stock for cash at $6 per share.
Oct.	1		Sold 800 shares of Gehring Co. common stock for cash at $35 per share.
Nov.	1		Received $2 per share cash dividend on Kitselton Co. common stock.
Dec.	15		Received $0.50 per share cash dividend on Gehring Co. common stock.
Dec.	31		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. $34, Wooderson Co. $6, and Kitselton Co. $20.

Journalize the 2021 transactions and post to the account Stock Investments. (Use the T-account form.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31
choose a transaction date Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31
choose a transaction date Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31
choose a transaction date Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31
choose a transaction date Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31
choose a transaction date Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31

Stock Investments
choose a transaction date Jan. 1 Bal.July 1Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31Dec. 31 Bal.	enter a debit amount	choose a transaction date Jan. 1 Bal.July 1Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31Dec. 31 Bal.
enter a debit balance	choose the end date of the accounting period Jan. 1 Bal.July 1Aug. 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31Dec. 31 Bal.

List of Accounts

Answer rating: 100% (QA)

Please hit LIKE button if this helped For any further explanation please put your query Working1 a J... View the full answer