air Value Journal Entries, Trading Investments ets Bancorp Inc. purchased a portfolio of trading securities during 20Y3. The cost and fair value of this portfolio on December 31, 2013, was as follows: Name Dolphins Inc. Marino Company Namath Company Total Number of Shares Total Cost Total Fair Value 1,600 $28,800 $32,000 1,400 35,000 30,800 600 21,000 19,800 $84,800 $82,600 Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 2013. If an amount box does not require an entry, leave it blank 2013 Dec. 31 x 82.600 Incorrect Feedback Check My Work The gain or loss is the difference between the portfolio cost and its fair value. The offset account for the gain or loss entry is the valuation allowance account