On December 31, 2021, the end of its first year of operations. Ivanhoe Associates owned the following securities, that are held as a long-term investments. The securities are not held for influence or control of the investee, Common Stock Shares Cost Gehring Co. 1.800 $50,400 Wooderson Co. 4.800 48,000 Kitselton Co. 1,400 28,000 On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred Aug 1 Sept. 1 Oct. 1 Received $0.50 per share cash dividend on Gehring Co.common stock Sold 1.440 shares of Wooderson Co.common stock for cash at 59 per share. Sold 120 shares of Gehring Co. common stock for cash at 531 per shre. Received $2 per share cash dividend on kitselton Co.common stock Received $0.50 per share cash dividend on Gehring Co. common stock Received $2 per share annual cash dividend on Wooderson Co.common stock. Nov 1 Dec 15 Dec 31 At December 31. the fair values per share of the common stocks wer: Gehring a $30, Wooderson Co 59, and kitselton Co: 518 These investments should be assified as long-term Journalize the 2022 transactions and post to the account Stock Investments. (Use the T-account form.) (List all debit entries before credit entries. 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 (b). Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. (List all debit entries before credit entries 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 for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 (C). Show the balance sheet presentation of the investments at December 31, 2022. At this date, Ivanhoe Associates has common stock $1,505,000 and retained earnings $1,013,000. Ivanhoe Associates Balance Sheet (Partial)