P$16\mathrm{.}3$A $($LO $2,3)$ Financial Statement On December $31,2020,$ Turnball Associates owned the fol$-$ lowing securities$,$ held as a long$-$term investment. The securities are not held for influence or control of the investee.

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Common Stock

Shares $$

$$ Cost

Gehring Co$.$

$2,000$

$$60,000$

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Wooderson Co$.$

$5,000$

$$

$45,000$

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Kitselton Co$.$

$1,500$

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$30,000$

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

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Aug. $1$ Received $$0\mathrm{.}50$ per share cash dividend on Gehring Co$.$ common stock.

Sept. $1$ Sold $1,500$ shares of Wooderson Co$.$ common stock for cash at $$8$ per share.

Oct. $1$ Sold $800$ shares of Gehring Co$.$ common stock for cash at $$33$ per share.

Nov. $1$ Received $$1$ per share cash dividend on Kitselton Co$.$ common stock.

Dec. $15$ Received $$0\mathrm{.}50$ per share cash dividend on Gehring Co$.$ common stock.

Dec. $31$ Received $$1$ per share annual cash dividend on Wooderson Co$.$ common stock.

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At December $31,$ the fair values per share of the common stocks were: Gehring Co$.$ $$32,$ Wooderson Co$.$ $$8,$ and Kitselton Co$.$ $$18.$

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Instructions

Journalize the $2021$ transactions and post to the account Stock Investments. $($Use the T$-$account form.$)$

Prepare the adjusting entry at December $31,2021,$ to show the securities at fair value.

Show the balance sheet presentation of the investments at December $31,2021.$ At this date, Turnball Associates has common stock $$1,500,000$ and retained earnings $$1,000,000.$