Brooks Co. purchases various investments in trading securities at a cost of $60,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $73,000.

Brooks Co. purchases various investments in trading securities at a cost of $60,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $73,000. 1.& 3.Prepare the December 31, 2017, year-end adjusting entry for the trading securities' portfolio and the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $30,000) for $33,250. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the fair vale adjustment for the securities at December 31, 2017 Note: Enter debits before credits Date Dec 31 2017 General Journal Debit Credit Record entry Clear entry View general journal