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Problem 12-3A (Part Level Submission) On December 31, 2015, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held

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Problem 12-3A (Part Level Submission) On December 31, 2015, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee Shares Cost Common Stock Gehring Co Wooderson Co Kitselton Co 2,190 4,990 1,660 $67,890 39,920 34,860 On December 31, 2015, the total fair value of the securities was equal to its cost. In 2016, the following transactions occurred July Received $1 per share semiannual cash dividend on Wooderson Co. common stock. Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. Sold 1,497 shares of Wooderson Co. common stock for cash at $7 per share Oct. Sold 876 shares of Gehring Co. common stock for cash at $34 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 semiannual cash dividend on Wooderson Co. common stock. At December 31, the fair values per share of the common stocks were: Gehring Co. 33, Wooderson Co. $7, and Kitselton Co. $19

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