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NS fr 15% 5 7 8 9 A B D E F H Korman Company has the following securities in its portfolio of equity securities on December 31, 2021: Cost Eair Value 5,000 shares of Thomas Corp., Common $151,000 $139,000 10,000 shares of Gant, Common 184,000 190,000 $335.000 $329,000 All of the securities had been purchased in 2021. In 2022, Korman completed the following securities transactions March 1 Sold 5,000 shares of Thomas Corp.. Common @ $32 less fees of $1,500. April 1 Bought 600 shares of Werth Stores, Common @ $45 plus fees of $550. 10 11 12 13 14 15 17 18 19 20 The Korman Company portfolio of equity securities appeared as follows on December 31, 2022: Cost Fair Value 10,000 shares of Gant, Common $184,000 $195,500 500 shares of Werth Stores, Common 27.550 25.500 5211 550 $221.000 Instructions Prepare the general journal entries for Korman Company for: (a) the 2021 adjusting entry to report the portfolio at fair value, assume a zero balance in the Fair Value Adjustment account. (b) the sale of the Thomas Corp. stock. c) the purchase of the Werth Stores stock. (d) the 2022 adjusting entry to report the portfolio at fair value. 22 23 25 Prob -1 Fair Value Method Prob 2 Held to Maturity Prob #3 Sales with Returns Pro #4 Average 1595 Count 2 Sum 309 Workbook Stactics Type here to search O iT