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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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