Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2008.

All of the securities were purchased in 2008.
In 2009, Kenseth completed the following securities transactions.
March 1 Sold the 1,500 shares of Gordon, Inc., Common, @ $45 less fees of $1,200.
April 1 Bought 700 shares of Earnhart Corp., Common, @ $75 plus fees of $1,300.
Kenseth Company's portfolio of trading securities appeared as follows on December 31, 2009.

Instructions
Prepare the general journal entries for Kenseth Company for:
(a) The 2008 adjusting entry.
(b) The sale of the Gordon stock.
(c) The purchase of the Earnhart stock.
(d) The 2009 adjusting entry for the tradingportfolio.

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Investments (Trading) Cost $ 73,500 180,000 60,000 $313,500 Fair Value 1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp., Common 400 shares of Martin, Inc., Preferred $69,000 175,000 61,600 S305,600 Investments (Trading) Cost Fair Value 5,000 shares of Wallace Corp., Common 700 shares of Eanhart Corp., Common 400 shares of Martin, Inc., Preferred $180,000 53,800 60,000 $175,000 50,400 58,000 $293800 $283,400