05 Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Brooks Company purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $83,000. Exercise 15-2 (Algo) Accounting for debt investments classified as trading LO P1 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $33,000) for $37,250 cash. Complete this question by entering your answers in the tabs below. Req. 1 Req 2 and 3 Prepare the December 27 entry for the purchase of debt investments. View transaction list 0.18 points 03 Req 1 Req 2 and 3 03:13:46 Prepare the December 27 entry for the purchase of debt investments. View transaction list eBook Hint Journal entry worksheet 1 Print References Record purchase of trading securities. Note: Enter debits before credits. Date December 27 General Journal Debit Credit 29 Journal entry worksheet 1 2 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal 03:13:14 Journal entry worksheet < 1 2 Book Hint Print Record sale of trading securities. erences Note: Enter debits before credits. Date January 03 General Journal Debit Credit Record entry Clear entry View general journal