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On December 31, 2021, the end of its first year of operations, Crane Associates owned the following securities, that are held as a long
On December 31, 2021, the end of its first year of operations, Crane 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 2,000 $60,000 Wooderson Co. 5,200 36,400 Kitselton Co. 1,400 25,200 On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred. Aug 1 Received $0.50 per share cash dividend on Gehring Co. common stock Sept 1 1 Oct Nov 1 Dec 15 Dec. 31 Sold 1,560 shares of Wooderson Co. common stock for cash at $6 per share. Sold 800 shares of Gehring Colebmmon stock for cash at $33 per share Coleommon stoc 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 At December 31, the fair values per share of the common stocks were Gehring Co. $32, Wooderson Co. $6, and Kitselton Co. $16. These investments should be classified as long-term. (a) 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 Of
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