ate.edu/bbcswebdav/pid-5745132-dt-content-rid-30848606_ 1/courses/ACC302-S Problems (45 points) Show work for full and partial credit. 1. (20 points) Pfizer Co. had the following Investment in Trading Securities at December 31, 2016. This was the first year Pfizer ever invested in trading securities Investment in Trading Securities Terra Firma Corp., 500 shares common stock Alva-Med, Inc., 1,800 shares common stock Test Assist Labs, Inc, 1,400 shares common98.00095,400 Total Cost $10,200 27,000 Fair Market Value $10,700 28,000 Total $134,100 a) Make the adjusting journal entry at December 31, 2016 b) Make journal entries for the following transactions that occurred in 2017. Jan. 15 Purchased 1,000 shares of Dermasol, Inc. at $18 per share, with broker fees of $300. Aug. 21 Sold all of the Terra Firma Corp. for $25 per share, with broker fees of $400. Dec. 31, 2017 Fair market values were as follows. Make the year-end adjusting journal entry Investment in Trading Securities Alva-Med, Inc., 1,800 shares common stock Test-Assist Labs, Inc, 1,400 shares common Dermasol, Inc., 1,000 shares of common Total Cost 27,000 98,000 Fair Market Value 29,000 98,400 20,000 Total s 7 147.400