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Korman Company has the following securities in its portfolio of trading equity securities on December 31, 2010:All of the securities had been purchased

Korman Company has the following securities in its portfolio of trading equity securities on December 31, 2010:All of the securities had been purchased in 2010. In 2011, 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 @ $45 plus fees of $550.The Korman Company portfolio of trading equity securities appeared as follows on December 31, 2011:InstructionsPrepare the general journal entries for Korman Company for:(a) The 2010 adjusting entry.(b) The sale of the Thomas Corp. stock.(c) The purchase of the Werth Stores’ stock.(d) The 2011 adjustingentry.

May 22 2020 View more View Less

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