1 Required information [The following information applies to the questions displayed below] Brooks Company purchases debt investments as trading secunties at a cost of $52.000 on December 27 . This is its first and only purchase of such securities. At December 31 , these securities had a fair value of $58,000. 1. Prepare the December 27 entry for the purchase of debt investments 2. \& 3. Prepare the December 31 yearend far value adjusting entry for the trading securities' portolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $26,000 ) for $27,500 cash. Q Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below