Problem 16-03A a-c (Part Level Submission) (Video) On December 31, 2020, Pharoah 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 Gehring Co. Wooderson Co. 2,100 5,100 1,700 Cost $58,800 40,800 30,600 Kitselton Co. On December 31, 2020, the total fair value of the securities was equal to its cost. In 2021, the following transactions occurred: Aug. 1 Sept. 1 Oct. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sold 1,530 shares of Wooderson Co. common stock for cash at $7 per share. Sold 840 shares of Gehring Co. common stock for cash at $31 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. Nov. 1 Dec. 15 Dec. 31 At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $7, and Kitselton Co. $16. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT