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Hello Experts, I need hep with my Intermediate accounting HW. PROBLEM Korman Company has the following securities in its portfolio of trading securities on December
Hello Experts, I need hep with my Intermediate accounting HW.
PROBLEM Korman Company has the following securities in its portfolio of trading securities on December 31, 2014: Cost $151,000 182.000 $333,000 Fair Value $139,000 190,000 $329000 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common All of the securities had been purchased in 2014. In 2015, Korman completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common April 1 Bought 600 shares of Werth Stores, Common $31 less fees of $1,500 $45 plus fees of $550 The Korman Company portfolio of trading securities appeared as follows on December 31, 2015 Fair Value $195,500 25,500 $221,000 Cost $185,000 10,000 shares of Gant, Common 600 shares of Werth Stores, Common 27.550 Instructions Prepare the general journal entries for Korman Company for: (a) the 2014 adjusting entry (b) the sale of the Thomas Corp. stock (c) the purchase of the Werth Stores' stock (d) the 2015 adjusting entry (10 points) Show all computations, including an SFVA T accountStep by Step Solution
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