Prepare the general journal entries for korman company fora, Ask an Expert

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Trading equity securities.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

Instructions:

Prepare the general journal entries for Korman Company for:(a) the 2010 adjusting entry.(b) the sale of the Thomas Corp. stock.(c) the purchase of the Werth Stores' stock.(d) the 2011 adjusting entry

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M996909

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