Problem 16-03A a-c (Part Level Submission) (Video) On December 31, 2020, Wildhorse 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 Shares Cost Gehring Co. 1,900 $57,000 Wooderson Co. 4,800 43,200 Kitselton Co. 1,400 30,800 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 1,440 shares of Wooderson Co. common stock for cash at $8 per share. Oct. 1 Sold 760 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. $20. (b) Prepare the adjusting

entry at December 31, 2021, to show the securities at fair value. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title for the adjusting entry on December 31 Unrealized Gain or Loss-Equity enter a debit amount enter a credit amount enter an account title for the adjusting entry on December 31 Fair Value Adjustment-Available-for-Sale: enter a debit amount enter a credit amount