needed done asap 495280

6.1 1. 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: (a) the 2010 adjusting entry. (b) the sale of the Thomas Corp. stock. (c) the purchase of the Werth Stores’ stock. (d) the 2011 adjusting entry. 2. The following information is available for Irwin Company for 2010: Net Income $120,000 Realized gain on sale of available-for-sale securities 10,000 Unrealized holding gain arising during the period on available-for-sale securities 24,000 Reclassification adjustment for gains included in net income 8,000 Instructions (1) Determine other comprehensive income for 2010. (2) Compute comprehensive income for 2010. 3. Dobson Construction specializes in the construction of commercial and industrial buildings. The contractor is experienced in bidding long-term construction projects of this type, with the typical project lasting fifteen to twenty-four months. The contractor uses the percentage-of-completion method of revenue recognition since, given the characteristics of the contractor’s business and contracts, it is the most appropriate method. Progress toward completion is…