On December $31,2024,$ Ogallala Associates owned the following securities$,$ held as a long$-$term investment. The securities are not held for influence or control of the investee.

Ogallala made an irrevocable option to measure the equity investment as fair value through other comprehensive income. On December $31,2024,$ the total fair value of the securities was equal to its cost. In $2025,$ the following transactions occurred.

Aug. $1$ Received $0\mathrm{.}5$ per share cash dividend on Carlene Co$.$ ordinary shares.

Sept. $1$ Sold $2,000$ ordinary shares of Riverdale Co$.$ for cash at $8$ per share.

Oct. $1$ Sold $800$ ordinary shares of Carlene Co$.$ for cash at $33$ per share.

Nov. $1$ Received $1$ per share cash dividend on Raczynski Co$.$ ordinary shares.

Dec. $15$ Received $1$ per share cash dividend on Carlene Co$.$ ordinary shares.

Dec. $31$ Received $1$ per share semiannual cash dividend on Riverdale Co$.$ ordinary shares.

At December $31,$ the fair values per share of the ordinary shares were Carlene Co$.32,$

Riverdale Co$.8,$ and Raczynski Co$.18.$

INSTRUCTIONS

a$.$ Journalize the $2025$ transactions.

b$.$ Prepare the adjusting entry at December $31,2025,$ to show the securities at fair value.

The shares should be classified as non$-$trading securities$.$

c$.$ Show the statement of financial position presentation of the investments at December $31,$

At this date, Ogallala Associates has share capital$-$ordinary $1,500,000$ and retained earnings $1,000,000.$