Current Attempt in Progress On December 31, 2020, Blossom 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 2,100 $63,000 Gehring Co. Wooderson Co. 5,000 45.000 Kitselton Co. 1,400 28,000 On December 31, 2020, the total fair value of the securities was equal to its cost. In 2021, the following transactions occurred: Aug 1 Sept 1 Oct 1 Received $0.50 per share cash dividend on Gehrine Co.common stock Sold 1,500 shares of Wooderson Co. common stock for cash at $8 per share Sold 840 shares of Gehring Co. common stock for cash at $33 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 Nov. 1 Dec 15 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 $32, Wooderson Co. $8, and Kitselton Co. $18. Your Answer Correct Answer Your answer is correct Joumalize 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 for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Aug 1 Cash 1050 Dividend Revenue Sept i v Cash 12000 Your answer is partially correct Prepare the adjusting entry at December 31, 2021, to show the securities at fair value. (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 for the amounts Date Account Titles and Explanation Debit Credit Dec 31 Fair Value Adjustment Available for Unrated Gunor Loss Equity e Textbook and Media List of Accounts Prepare the adjusting entry at December 31, 2021, to show the securities at fair value. (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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 Fair Value Adjustment-Available for Sale Unrealized Gain or Loss-Equity e Textbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above
