Reference no: EM132585081
Korman Company has the following securities in its portfolio of trading equity securities on December 31, 2010:
Cost Fair Value
5,000 shares of Thomas Corp., Common $ 155,000 $139,000
10,000 shares of Gant, Common 182,000 190,000
$337,000 $329,000
All of the securities had been purchased in 2010. In 2011, Korman completed the following securities transactions:
March 1: Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.
April 1: Bought 600 shares of Werth Stores, Common @ $45 plus fees of $550.
The Korman Company portfolio of trading equity securities appeared as follows on December 31, 2011:
Cost Fair Value
10,000 shares of Gant, Common $182,000 $195,500
600 shares of Werth Stores, Common 27,550 25,500
$209,550 $221,000
Required:
Question 1: Prepare the general journal entries for Korman Company for:
- the 2010 adjusting entry.
- the sale of the Thomas Corp. stock.
- the purchase of the Werth Stores' stock.
- the 2011 adjusting entry.
Question 2: Distinguish between the accounting treatment for available for sale equity securities and trading equity securities.
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