On December 31, 2021, the end of its first year of operations, Wildhorse 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 $70,400 Wooderson Co. 5,200 46,800 Kitselton Co. 1,500 30,000 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 Oct. 1 Nov. 1 Dec. 15 Sold 1,560 shares of Woodergon Co. common stock for cash at $8 per share. Sold 880 shares of Gehring Co. common stock for cash at $35 per share. 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. Dec. 31 At December 31, the fair values per share of the common stocks were: Gehring Co. $34, Wooderson Co. $8, and Kitselton Co. $18. These investments should be classified as long-term. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Show the balance sheet presentation of the investments at December 31, 2022. At this date, Pharoah Associates has common stock $1,564,000 and retained earnings $ 1,086,000. Pharoah Associates Balance Sheet (Partial) $ U