Problem 12-3A On December 31, 2017, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock Gehring Co. Wooderson Co. Kitselton Co. Shares 2,160 4,950 1,640 Cost $60,480 39,600 31,160 On December 31, 2017, the total fair value of the securities was equal to its cost. In 2018, the following transactions occurred: Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. 1 Sold 1,485 shares of Wooderson Co. common stock for cash at $7 per share. Oct. 1 Sold 864 shares of Gehring Co. common stock for cash at $31 per share. Nov. 1 Received $2 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 $2 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. $30, Wooderson Co. $7, and Kitselton Co. $17. Journalize the 2018 transactions and post to the account Stock Investments. (Use the T-account form.) (Credit account titles are automatically indented when amount is for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Sept. 1 Stock Investments Prepare the adjusting entry at December 31, 2018, to show the securities at fair value. The stock should be classified as available-for-sale securities. (Credit account titles are automatically indented when "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Show the balance sheet presentation of the investments-related accounts at December 31, 2018. At this date, Turnball Associates has common stock $1,490,000 and retained earnings $1,090,000. (Enter acco Turnball Associates Balance Sheet (Partial)