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 Unirealized Gain or Loss-Income Dec. 31 Fair Value Adjustment-Stock eTextbook and Media Debit 2850 Credit 2850 On December 31, 2021, the end of its first year of operations, Sunland 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 Gehring Co. Wooderson Co. Kitselton Co. ne here to search Aug Sept. Oct 4 Dec 1 1. Nov. 1 On December 31, 2021, the total fair value of the securities was equal to its cost. In 2032. the following transactions occurred. Received $0.50 per share cash dividend on Gehring Co.common stock. Sold 1,530 shares of Wooderson Co. common stock for cash at $6 per share. Sold 880 shares of Gehring Co. common stock for cash at $35 per share. Received 51 per share cash dividend on Kitselton Co.common stock. Received $0.50 per share cash dividend on Gehring Co. common stock Received $1 per share annual cash dividend on Wooderson Co. common stock 15 Shares Dec. 31 2,200 5,100 1.500 Cost 46/66 E $70,400 35,700 30,000 111 Question 2 of 4 < Quiting her to search On December 31, 2021, the end of its first year of operations, Sunland Associates owned the following securities, that are held as a long-term investments. The securities are yot held for influence or control of the investee Common Stock Gehring Co. Wooderson Co. Kitselton Co. Aug. 1 Sept. 1 Oct. 1 Shares 2,200 5,100 1,500 On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred. Nov. Dec 15 Dec. 31 Cost $70,400 35,700 30,000 46/66 Received $0,50 per share cash dividend on Gehring Co. common stock Sold 1,530 shares of Wooderson Co. common stock for cash at $6 per share. Sold 880 shares of Gehring Co. common stock for cash at $35 per share. Received $1 per share cash dividend on Kitselton Co.common stock Received $0.50 per share cash dividend on Gehring Co. common stock Received $1 per share annual cash dividend on Wooderson Co.common stock. (2) 31F Cloudy 40 3:04 PM 2/27/2003 C (b) re to search Your answer is incorrect. Dec 31 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 Unrealized Gain or Loss-Income Fair Value Adjustment Stock eTextbook and Media List of Accounts B 4 U Debit 2850 46/66 (2) !!! Credit 2850 31F Cloudy40 3:05 PM 2/27/2623 Jan. 1 Bal.. Dec. 31 Bal. V eTextbook and Media. List of Accounts Stock Investments 136100 97230 Sept. 1 Oct. 1 10710 28160 Dec. 15 Dec. 31 Received $0.50 per share cash dividend on Gehring Co. common stock. 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. $34, Wooderson Co. $6, and Kitselton Co. $18. These investments should be classified as long term.