On December 31, 2017, Turnball 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 Gehring Co. 2,010 $64,320 Wooderson Co. 4,800 38,400 Kitselton Co. 1,760 35,200 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 1,440 shares of Wooderson Co. common stock for cash at $7 per share. Oct. 1 Sold 804 shares of Gehring Co. common stock for cash at $35 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. Dec. 31 Received $1 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. $34, Wooderson Co. $7, and Kitselton Co. $18. Journalize the 2018 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Sept. 1 Stock Investments Show List of Accounts Link to Text Link to Text 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. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Show List of Accounts Link to Text Link to Text Show the balance sheet presentation of the investments at December 31, 2018. At this date, Turnball Associates has common stock $1,520,000 and retained earnings $1,010,000.