First Guarantee Financial, Inc., purchased the following trading securities during 2012, its first year of operations:

The market price per share for the trading security portfolio on December 31, 2012, was as follows:Market Price Per ShareDec. 31, 2012B&T Transportation, Inc.......$26Citrus Foods, Inc............19Stuart House wares, Inc........52a. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, 2012. b. Assume the market prices of the portfolio were the same on December 31, 2013, as they were on December 31, 2012. What would be the journal entry to adjust the portfolio to fairvalue?

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Number of Shares 3,400 1,500 800 Name B&T Transportation, Inc. Citrus Foods, Inc, Stuart Housewares, Inc. Total Cost 5 74,200 26,500 45,200 45,200 $145,900