d the following securities, held the P12-3A On December 31, 2017, Turnball Associates owned the following securiti as a long-term investment. The securities are not held for influence or investee control of Common Stock Gehring Co. Wooderson Co. Kitselton Co Shares 2,000 5,000 1,500 Cost $60,000 45,000 30,000 On December 31, 2017, the total fair value of the securities was equal to its cost. In 2018, the following transactions occurred Aug. 1 Received $0.50 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 $0.50 per share cash dividend on Gehring Co. common stock. Received $1 per share annual cash dividend on Wooderson Co. common stock 31 At December 31, the fair values per share of the common stocks were Gehring Co. $32, Wooderson Co. $8, and Kitselton Co. $18. Instructions (a) Journalize the 2018 transactions and post to the account Stock Investments. (Post in (b) Prepare the adjusting entry at December 31, 2018, to show the securities at fair value. (c) Show the balance sheet presentation of the investment-related accounts at December T-account form.) The stock should be classified as available-for-sale securities. 31, 2018. At this date, Turnball Associates has common stock $1,500,000 and retained 8 5 earnings $1,000,000