Reference no: EM132623178

Question - Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:

Cost Fair Value 5,000 shares of Thomas Corp., Common $151,000 $139,000 10,000 shares of Gant, Common 180,000 187,700 $331,000 $326,700

All of the securities had been purchased in 2018. In 2019, Korman completed the following securities transactions:

March 1 Sold 5,000 shares of Thomas Corp., Common @ $31.10 less fees of $1,500.April 1Bought 620 shares of Werth Stores, Common @ $45 plus fees of $580.

The Korman Company portfolio of equity securities appeared as follows on December 31, 2019:

Cost Fair Value 10,000 shares of Gant, Common $180,000 $190,700 620 shares of Werth Stores, Common 28,480 26,390 $208,480 $217,090

Required -

Prepare the general journal entry for Korman Company for the sale of the Thomas Corp. stock.

Prepare the general journal entry for Korman Company for the purchase of the Werth Stores' stock.

Prepare the general journal entry for Korman Company for the 2019 adjusting entry.