V. On December 31, 2021, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Ordinary Shares Cost Shares Carlene Co 2,000 60,000 Riverdale Co 5,000 45,000 Raczynski Co 1,500 30,000 Ogallala made an irrevocable option to measure the equity investment as fair value through other comprehensive income. On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred. 1 Aug. Sept. 1 Oct. 1 Nov 1 Dec. 15 31 Received 0.70 per share cash dividend on Carlene Co. ordinary shares. Sold 2,000 ordinary shares of Riverdale Co. for cash at 8 per share. Sold 800 ordinary shares of Carlene Co. for cash at 33 per share. Received 1 per share cash dividend on Raczynski Co. ordinary shares Received 0.70 per share cash dividend on Carlene Co. ordinary shares. Received 1 per share annual cash dividend on Riverdale Co. ordinary shares. At December 31, the fair values per share of the ordinary shares were Carlene Co. 32, Riverdale Co. 8, and Raczynski Co. 18. Instructions (20%) a. Journalize the 2022 transactions b. Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. The shares