A$.$ Trading Securities

Korman Company has the following securities in its portfolio of equity securities on December $31,2008$:

Fair Value

Cost $(12/31/2008)$

$5,000$ shares of Thomas Corp., Common $$151,000$ $$139,000$

$10,000$ shares of Gant, Common $184,000190,000$

$$335,000$ $$329,000$

All of the securities had been purchased in $2008.$ In $2009,$ Korman completed the following securities transactions:

March $1$ Sold $5,000$ shares of Thomas Corp., Common @ $$32.$

April $1$ Bought $600$ shares of Wilson Stores, Common @ $$45.$

The Korman Company portfolio of equity securities appeared as follows on December $31,2009$:

Fair Value

Cost $(12/31/2009)$

$10,000$ shares of Gant, Common $$184,000$ $$195,500$

$600$ shares of Wilson Stores, Common $27,00025,500$

$$211,000$ $$221,000$

Korman Company does not have significant influence and classifies all these securities as trading securities$.$

Required:

Prepare the general journal entries for Korman Company for:

$($a$)$ the $2008$ adjusting entry.

$($b$)$ the sale of the Thomas Corp. stock.

$($c$)$ the purchase of the Wilson Stores' stock.

$($d$)$ the $2009$ adjusting entry.