Fair value journal entries, trading investments Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3. The cost and fair value of this portfolio on December 31, 20Y3, was as follows:

Name Number of Shares Total Cost Total Fair Value Dolphins Inc. 1,600 $28,800 $32,000 Marino Company 1,400 35,000 30,800 Namath Company 600 21,000 19,800 Total $84,800 $82,600 Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 20Y3.

AppendixLO1