Korman Company Purchased the following securities on June 1, 2020:

Cost

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

10,000 shares of Gant, Common 184,000

$335,000

Korman does not have significant influence over either of the above equity investments. On November 1, 2020, Korman Company received a $5,000 dividend from Thomas Corp. As of December 31, 2020, the fair values of Korman Companys equity securities are as follows:

Cost Fair Value

5,000 shares of Thomas Corp., Common $151,000 $125,000

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

$335,000 $315,000

Prepare general journal entries for the following transactions:

1. June 1, 2020 equity securities acquisition.
2. November 1, 2020 dividend received from Thomas Corp.
3. December 31, 2020 adjusting journal entry to record the change in fair value, if any.

Korman Company Purchased the following securities on June 1, 2020: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Cost $ 151,000 184,000 $335.000 Korman does not have significant influence over either of the above equity investments. On November 1, 2020, Kerman Company received a $5,000 dividend from Thomas Corp. As of December 31, 2020, the fair values of Kerman Company's equity securities are as follows: Cost Fair Value 5,000 shares of Thomas Corp., Common $151,000 $125,000 10,000 shares of Gant, Common 184,000 190,000 $335.000 $315.000 Prepare general journal entries for the following transactions: a) June 1, 2020 equity securities acquisition. b) November 1, 2020 dividend received from Thomas Corp. c) December 31, 2020 adjusting journal entry to record the change in fair value, if any. Date Account Debit Credit