2. I tll on financial statement dist PR 13-2A Stock investment transactions, trading securities Scofield Financial Co. is a regional insurance company that began operations on au 2016. The following transactions relate to trading securities acquired by Scofield E OBJ.3,4 anu ry nancial Co., which has a fiscal year ending on December 31 2016 Mar. 14. Purchased 5,000 shares of Wilkomm Inc. as a trading security at $40 per share plus a brokerage commission of $500. Apr. 24. Purchased 1,800 shares of McMarsh Inc. as a trading security at $50 plus a brokerage commission of $198. June 1. Sold 2,600 shares of Wilkomm Inc. for $38 per share less a $100 brokerage commission 30. Received an annual dividend of $0.35 per share on Wilkomm Inc. stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $38 and $49 per share for Wilkomm Inc. and McMarsh Inc., respectively 2017 Apr. 4. Purchased 3,500 shares of Daley Inc, as a trading security at $30 per share plus a $175 brokerage commission. June 28. Received an annual dividend of $0.40 per share on Wilkomm Inc. stock Sept. 9. Sold 700 shares of Daley Inc. for $32 per share less a $50 brokerage commission. Dec. 31. The portfolio of trading securities had a cost of $270,578 and a fair value of $350,000, requiring a debit balance in Valuation Allowance for Trading Investments of $79,422 (8350,000 $270,578). Thus, the credit balance from December 31, 2016, is to be adjusted to the new balance. Chapter 13 Investments and Fair Value Accounting621 Instructions 1. Journalize the entries to record these transactions. 2. Prepare the investment-related current asset balance sheet presentation for Scofield Financial Co. on December 31, 2017. 3. How are unrealized gains or losses on trading investments presented in the financial statements of Scofield Financial Co