On December 31, 2020. Sandhill 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. 1.900 $60,800 Wooderson Co. 5,200 46.800 Kitselton Co. 1.500 33,000 On December 31, 2020, the total fair value of the securities was equal to its cost. In 2021, the following transactions occurred: Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. 1 Sold 1,560 shares of Wooderson Co. common stock for cash at $8 per share. Oct. 1 Sold 760 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. Ded. 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. $8. and kitselton Co. $20. (a) Journalize the 2021 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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug 1 Cash 950 Dividend Revenue 950 Sept. 1 Cash 12480 Loss on Sale of Stock Investments 1560 Stock Investments 14040 Oct. 1 Cash 26600 Stock investments 24320 Gain on Sale of Stock Investments 2280 Nov. 1 Cash 1500 Dividend Revenue 1500 Dec 15 Cash 570 Dividend Revenue 570 Dec 31 Cash 3640 Dividend Revenue 3640 Stock Investments Jan. 1 Bal. 140600 Sept 1 14040 Oct. 1 24320 Dec 31 Bal V 102240 i 0.33/1 Question 6 of 8 > Stock Investments Jan 1 Bal. 140600 Sept. 1 V 14040 V Oct. 1 24320 Dec 31 Bal. 102240 e Textbook and Media List of Accounts Attempts: 2 of 3 us (b) Prepare the adjusting entry at December 31, 2021, to show the securities at fair value. (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 O forti amounts.) Date Account Titles and Explanation Debit Credit Dec 31 Urzealized Gain or loss-Equity Market adjustment available for sale e Textbook and Media List of Accounts Seve Fontate Last saved 28 minutes ago Attempts: 0 of 3 used Submit Answer (c) The parts of this question must be completed order. This part will be available when you complete the part above. 94