Cheyenne Corp. has the following securities in its portfolio of equity securities on December 31, 2021:     Cost   Fair Value 5,000 shares of Thomas Corp., Common   $152,000   $140,000 10,000 shares of Gant, Common   182,000   190,100     $334,000   $330,100 All of the securities had been purchased in 2021. In 2022, Cheyenne Corp. completed the following securities transactions: March 1   Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1   Bought 610 shares of Werth Stores, Common @ $47 plus fees of $500. The Cheyenne Corp. portfolio of equity securities appeared as follows on December 31, 2022:     Cost   Fair Value 10,000 shares of Gant, Common   $182,000   $193,000 610 shares of Werth Stores, Common   29,170   27,120     $211,170   $220,120 (a) Prepare the general journal entry for Cheyenne Corp. for the 2021 adjusting entry.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cheyenne Corp. has the following securities in its portfolio of equity securities on December 31, 2021:

    Cost   Fair Value
5,000 shares of Thomas Corp., Common   $152,000   $140,000
10,000 shares of Gant, Common   182,000   190,100
    $334,000   $330,100


All of the securities had been purchased in 2021. In 2022, Cheyenne Corp. completed the following securities transactions:

March 1   Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.
April 1   Bought 610 shares of Werth Stores, Common @ $47 plus fees of $500.


The Cheyenne Corp. portfolio of equity securities appeared as follows on December 31, 2022:

    Cost   Fair Value
10,000 shares of Gant, Common   $182,000   $193,000
610 shares of Werth Stores, Common   29,170   27,120
    $211,170   $220,120

(a) Prepare the general journal entry for Cheyenne Corp. for the 2021 adjusting entry. 

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