On December 31, 2017, Tumball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. On December 31, 2017, the total fair value of the securities was equal to its cost. In 2018, the following transactions occurred. At December 31, the fair values per share of the common stocks were: Gehring Co. $32, Wooderson Co. $8, and Kitselton Co. $18. Journalize the 2018 transactions and post to the account Stock Investments. Prepare the adjusting entry at December 31, 2018, to show the securities at fair value. The stock should be classified as available-for-sale securities. Show the balance sheet presentation of the investments at December 31, 2018. At this date, Tumball Associates has common stock $1, 500,000 and retained earnings $1,000,000