On December 31, 2021, the end of its fustyear of operations, Blossom 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 Shares Cost Common Stock Gehring Co. 2,800 Wooderson Co 4800 $50,400 33.600 25,200 Kitselton Co. 1400 1 1 On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred Aug Received $0.50 per share cash dividend on Gehring Co.common stock. Sept Sold 1.440 shares of Wooderson Co.common stock for cash at $6 per share Oct Sold 720 shares of Galicine Co. common stock for cash at $ 31 pur share Received $ 1 pershare cash dividend on kitselton Co.common stock, 15 Received 50 50 Dershare cash dividend on Geting Co. common stock 1 NO 1 31 Receved 51 Dershane annual cash dividend on Wooderson to common stock At December 31, the fair values per share of the common stocks were: Gehring Co. $ 30, Wooderson Co. 56, and Kitselton Co. $16. These investments should be classified as long term. (a) Journalize the 2022 transactions and post to the account Stock Investments (Use the T-account form.) (List all debit entries before credit entries Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Account Titles and to Det C pa Stock Investments Jan 13 July Aug Sept. 1 Od 1 Nov. 1 Od 15 D31 Dec 11 B edia List of Accounts b) Prepare the adjusting entry at December 31, 2022, to show the securities at fair value (List all debit entries before credit entries Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 e Textbook and Media List of Accounts Savo La Attempts: 0 of 2 used Submit Answer . Show the balance sheet presentation of the investments at December 31, 2022. At this date, Blossom Associates has common stock$ 1,400,000 and retained earrings $1,000,000. Blossom Associates Balance Sheet (Partial) >