On December 31 2015 Turnball Associates owned the

following securities
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.On December 31,
2015, the total fair value of the securities was equal to its cost. In 2016, the following
transactions occurred.July 1 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. 1 Sold 1,500 shares of Wooderson Co. common stock for cash at $8 per share.Oct.
1 Sold 800 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.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. $32, Wooderson Co. $8, and Kitselton Co. $18.Instructions(a) Journalize the
2016 transactions and post to the account Stock Investments. (Post in T-account form.)(b)
Prepare the adjusting entry at December 31, 2016, to show the securities at fair value. The
stock should be classified as available-for-sale securities.(c) Show the balance sheet
presentation of the investment-related accounts at December 31, 2016. At this date, Turnball
Associates has common stock $1,500,000 and retained earnings$1,000,000.
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On December 31 2015 Turnball Associates owned the following securities
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