Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27, 2013. (This is its first and only purchase of such securities.) At December 31, 2013, these securities had a fair value of $72,000.

Prepare the December 31, 2013, year-end adjusting entry for the trading securities' portfolio.

Prepare the January 3, 2014, entry when Brooks sells a portion of its trading securities (that had originally cost $33,000) for $35,000.