Brooks Co. purchases various investments in trading securities at a cost of $52,000 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 $68,000. 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 $26,000) for $30,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)