Brooks Co. purchases debt investments as trading securities at a cost of $55,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $74,000. 1. Prepare the December 27 entry for the purchase of debt investments 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $27,500) for $32,250 cash Complete this question by entering your answers in the tabs below. Req1 Reg 2 and 3 Prepare the December 27 entry for the purchase of debt Investments View transaction list Journal entry worksheet View transaction list Journal entry worksheet Record purchase of trading securities. Note: Enter debits before credits General Journal Date Dec. 27 Debit Credit View transaction list Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record sale of trading securities. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 3 Record entry Clear entry View general journal