Question: Korman Company has the following securities in its portfolio of equity securities on December 31, 2018:
|
|
Cost
|
Fair Value
|
|
5,000 shares of Thomas Corp., Common
|
$150,000
|
$138,900
|
|
10,000 shares of Gant, Common
|
183,000
|
191,800
|
|
|
$333,000
|
$330,700
|
All of the securities had been purchased in 2018. In 2019, Korman completed the following securities transactions:
March 1 Sold 5,000 shares of Thomas Corp., Common @ $30.90 less fees of $1,500.
April 1 Bought 620 shares of Werth Stores, Common @ $47 plus fees of $520.
The Korman Company portfolio of equity securities appeared as follows on December 31, 2019:
|
|
Cost
|
Fair Value
|
|
10,000 shares of Gant, Common
|
$183,000
|
$193,700
|
|
620 shares of Werth Stores, Common
|
29,660
|
27,560
|
|
|
$212,660
|
$221,260
|
Required: Prepare general journal entry for Korman Company for the 2019 adjusting entry.
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