P16.3 (LO 2, 3), AP 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. Common Stock Shares Cost Gehring Co. 2,000 $60,000 Wooderson Co. 5,000 45,000 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 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