1. Problem 1 - Trading equity securities (16 points) Korman Company has the following securities in its portfolio of trading equity securities on December 31, 2010: Cost Fair Value 5,000 shares of Thomas Corp., Common $155,000 $139,000 10,000 shares of Gant, Common _182,000 190,000 $337,000 $329,000 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: 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: the 2010 adjusting entry. the sale of the Thomas Corp. stock. the purchase of the Werth Stores' stock. the 2011 adjusting entry