P16.3 (LO 2, 3), AP Financial Statement On December 31, 2021, the end of its first year of operations, Turnball 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. Excel Common Stock Shares Gehring Co. Wooderson Co. Kitselton Co. Cost 2,000 $60,000 5,000 1,500 45,000 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 Sold 1,500 shares of Wooderson Co. common stock for cash at $8 per share. Oct. 1 Sold 800 shares of Gehring Co. common stock for cash at $33 per share. Nov. 1 Received $1 per share cash dividend on Kitselton Co. common stock. Dec. 15 Received $0.50 per share cash dividend on Gehring Co. common stock. 31 Received $1 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. $8, and Kitselton Co. $18. These investments should be classified as long-term. Instructions 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. b. Unrealized gain or loss-income $4,100 c. Show the balance sheet presentation of the investments and the equity section of the balance sheet at December 31, 2022. At this date, Turnball Associates has common stock $1,500,000 and retained earnings $1,000,000. Prepare entries under the cost and equity methods, and tabulate differences