Answer with calculation and the formulas

Kind Company has the following securities in its portfolio of equity securities on December 31, 2021:

Cost Fair Value

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

10,000 shares of Great, Common 184,000 190,000

$335,000 $329,000

All of the securities had been purchased in 2021. In 2022, Kind completed the following securities transactions:

March 1 Sold 5,000 shares of Tim Corp., Common @ $32 less fees of $1,500.

April 1 Bought 600 shares of Fair Stores, Common @ $45 plus fees of $550.

The Kind Company portfolio of equity securities appeared as follows on December 31, 2022:

Cost Fair Value

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

600 shares of Fair Stores, Common 27,550 25,500

$211,550 $221,000

Instructions

Prepare the general journal entries for Kind Company for:

(a) the 2021 adjusting entry.

(b) the sale of the Tim Corp. stock.

(c) the purchase of the Fair Stores' stock.

(d) the 2022 adjusting entry.