3 P17-6B (Trading and Available-for-Sale Securities Entries) Pecan Company has the following portfolio of investment securities at September 30, 2014, its last reporting date. Trading Securities Cost Fair Value Perry, Inc. common (12,000 shares) $367,000 $351,000 Platter, Inc. common (6,100 shares) 244,000 248,000 Pokey Corp. preferred (1,000 shares) 94,000 89,000 On November 5, 2014, the Platter shares were sold at a price of $42 per share. In addition, 8,000 shares of Patriot common stock were acquired at $37 per share on November 26, 2014. The December 31, 2014, fair values were: Perry $348,000, Pokey $90,000, and the Patriot common $301,000. All the securities are classified as trading. Instructions (a) Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2014. (b) How would the entries in part (a) change if the securities were classified as available-for-sale