Fair value journal entries, trading investments OBJ. 3, 4 Jets Bancorp Inc. purchased a portfolio of trading

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Fair value journal entries, trading investments OBJ. 3, 4 Jets Bancorp Inc. purchased a portfolio of trading securities during 2016. The cost and fair value of this portfolio on December 31, 2016, was as follows:

Name Number of Shares Total Cost Total Fair Value Dolphins Inc. 1,400 $28,000 $30,800 Marino Company 1,200 30,000 27,600 Namath Company 800 28,000 26,400 Total $86,000 $84,800 On May 10, 2017, Jets Bancorp Inc. purchased 1,000 shares of Giants Inc. at $24 per share plus a $150 brokerage commission.

Provide the journal entries to record the following:

a. The adjustment of the trading security portfolio to fair value on December 31, 2016.

b. The May 10, 2017, purchase of Giants Inc. stock.

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