Korman Company has the following securities in its portfolio…
Korman Company has the following securities in its portfolio of equity securities on December 31, 2021. All the securities had been purchased in 2021: Cost Fair Value5,000 shares of Thomas Corp., Common $151,000 $139,00010,000 shares of Gant, Common 184,000 190,000 $335,000 $329,000a) Prepare the 2021 adjusting entry. In 2022, Korman completed the following securities transactions:March 1 Sold all 5,000 shares of Thomas Corp., Common @ $32April 1 Bought 600 shares of Werth Stores, Common @ $45 plus fees of $550.b) Prepare the journal entry(ies) for the sale of Thomas Corp. stock c) Prepare the journal entry for the purchase of the Werth Stores’ stock. The Korman Company portfolio of equity securities appeared as follows on December 31, 2022: Cost Fair Value10,000 shares of Gant, Common $184,000 $195,500600 shares of Werth Stores, Common 27,550 25,500 $211,550 $221,000(d) Prepare the 2022 adjusting entry.