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Brooks Co. purchases various investments in trading securities at a cost of $58,000 on December...

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Accounting

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Brooks Co. purchases various investments in trading securities at a cost of $58,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $68,000. 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the trading securities' portfolio and the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $29,000) for $31,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the fair vale adjustment for the securities at December 31, 2017. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2017 Record entry Clear entry View general journal Journal entry worksheet

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