Korman Company has the following securities in its portfolio of trading equity securities on December 31,2016:Value5,000 shares of Thomas Corp. , Common : (cost: $155,000) (fair: $ 139,000)10,000 shares of Gant, Common : (cost: 182,000) (fair: 190,000) (Cost: $337,000) (fair: $ 329,000)All of the securities Had been purchased in 2016. In 2017, Korman completed the following securities transactions: March 1 sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.April 1 Bought 600 shares of Werth Stores, Common @ $41 plus fees of $550.The Korman Company portfolio of trading equity securities appeared as follows on Fecember 31, 2017:Value10,000 shares of Gant, common (cost: $182,000) (fair: $ 195,500) 600 shares of Werth Stores, common (cost: 27,550) (fair: 25,500) (Cost: $ 209,550) (fair : $221,00)Instructions:Prepare the general journal entries for Korman Company For: (A) the 2016 adjusting entry(B) the sale of the Thomas Corp. Stock.(C) the purchase of the Werth Stores' stock.(D) the 2017 adjusting entry

Problem 3 Kounan Company has the following securities in its portfolio of trading equity securities on December 31, 2016: Cost Fair Value 5,000 shares of Thomas Corp., Common $155,000 $139,000 10,000 shares of Gant, Common 182.000 190,D00 $337.000 $329.000 All of the securities had been purchased in 2016. In 2017, Koupan completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 600 shares of Werth Stores, Common @ $45 plus fees of $550. The Korman Company portfolio of trading equity securities appeared as follows on December 31, 2017: Cost Fair Value 10,000 shares of Gant, Common $182,000 $195,500 600 shares of Werth Stores, Common 27.550 25.500 $209.550 $221.000 Instructions Prepare the general journal entries for Korman Company for: (a) the 2016 adjusting entry. (b) the sale of the Thomas Corp. stock. (c) the purchase of the Werth Stores' stock. (d) the 2017 adjusting entry