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Journalize the 2016 transactions and post to the account Stock Investments. (Use the T-account form.) (Cre manually. If no entry is required, select No entry
Journalize the 2016 transactions and post to the account Stock Investments. (Use the T-account form.) (Cre manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amou Date Account Titles and Explanation Debit Credit July 1 Aug. 1 Sept. 1 Oct. 1 Nov. 1 Dec. 15 Dec. 31 Stock I Problem 12-3A (Part Level Submission) On December 31, 2015, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for in Common Stock Gehring Co Wooderson Co. Kitselton Co. Shares Cost 2,160 4,980 1,400 $69,120 44,820 26,600 On December 31, 2015, the total fair value of the securities was equal to its cost. In 2016, the following transactions occurred July 1 Received $2 per share semiannual cash dividend on Wooderson Co. common stock Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. 1 Sold 1,494 shares of Wooderson Co. common stock for cash at $8 per share Oct. 1 Sold 864 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 semiannual 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. $8, and Kitselton Co. $17
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