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On December 31, 2019, Korman Company's investment portfolio contained the following equity securities: 5,000 shares...

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On December 31, 2019, Korman Company's investment portfolio contained the following equity securities: 5,000 shares of Thomas Corp., Common 10,000 shares of Gant, Common Totals Cost $151,000 182,000 $333,000 Fair Value $139,000 190,000 $329,000 All of these securities were purchased during 2019, so the Fair Value Adjustment account had an unadjusted balance of zero on December 31, 2019. During 2020, Korman completed the following transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 per share, minus fees of $1,500. April 1 Bought 600 shares of Werth Stores, Common @ $45 per share, plus fees of $550. On December 31, 2020, Korman Company's investment portfolio contained the following equity securities: 10,000 shares of Gant, Common 600 shares of Werth Stores, Common Totals Cost 182,000 27,550 $209,550 Fair Value 195,500 25,500 $221,000 Instructions Prepare dated journal entries for Korman Company to record the following: 1. The 2019 year-end fair value adjustment. (3 points) 2. The sale of the Thomas Corp. stock. (3 points) 3. The purchase of the Werth Stores stock. (3 points) 4. The 2020 year-end fair value adjustment. (3 points)

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