P16.3A Journalize transactions and adjusting entry for stock investments On December 31, 2020, Turnball Associates owned the following securities, held as a long investment. 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, 2020, the total fair value of the securities was equal to its cost. In 2021 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. Dec. 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