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Problem 15-1A Recording transactions and fair value adjustments for trading securities LO P1 Carlsville Company, which began operations in 2017, invests its idle cash in trading securities. The following transactions are from its short-term investments in trading securities. 2017 Jan. 20 Purchased 900 shares of Ford Motor Co. at $28 per share plus a $130 commission. Feb. 9 Purchased 2,300 shares of Lucent at $32 per share plus a $200 commission. Oct. 12 Purchased 800 shares of Z-Seven at $7.60 per share plus a $95 commission Dec. 31 Fair value of the short-term investments in trading securities is $108,500. 2018 Apr. 15 Sold 900 shares of Ford Motor Co. at $30 per share less a $295 commission July 5 Sold 800 shares of Z-Seven at $10.25 per share less a $90 commission July 22 Purchased 2,000 shares of Hunt Corp. at $39 per share plus a $225 commission Aug. 19 Purchased 2,000 shares of Donna Karan at $49.00 per share plus a $105 commission. Dec. 31 Fair value of the short-term investments in trading securities is $246,220. 2019 Feb. 27 Purchased 4,000 shares of HCA at $34 per share plus a $420 commission. Mar. 3 Sold 2,000 shares of Hunt at $34 per share less a $125 commission June 21 Sold 2,300 shares of Lucent at $29.75 per share less a $42 commission June 30 Purchased 1,500 shares of Black& Decker at $47.50 per share plus a $600 commission. Nov. 1 Sold 2,000 shares of Donna Karan at $49.00 per share less a $124 commission. Dec. 31 Fair value of the short-term investments in trading securities is $213,500. Required: Prepare journal entries to record these short-term investment activities for the years shown. On December 31 of each year, prepare the adjusting entry to record any necessary fair value adjustment for the portfolio of trading securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations.)

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