On December 31, 2021, the end of its first year of operations, Sheridan 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.	2,200	61,600
Wooderson Co.	5,000	40,000
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		Received $0.50 per share cash dividend on Gehring Co. common stock.
Sept.	1		Sold 1,500 shares of Wooderson Co. common stock for cash at $7 per share.
Oct.	1		Sold 880 shares of Gehring Co. common stock for cash at $31 per share.
Nov.	1		Received $2 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 $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. $30, Wooderson Co. $7, and Kitselton Co. $18. 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.)

B. Prepare the adjusting entry at December 31, 2022, to show the securities at fair value.

C. Show the balance sheet presentation of the investments at December 31, 2022. At this date, Sheridan Associates has common stock $1,576,000 and retained earnings $1,119,000.