Brooks Co. purchases various investments in trading securities at a cost of $70,000 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 $82,000. 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 $35,000) for $38,000. (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet Record the fair vale adjustment for the securities at December 31, 2017. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31, 2017 Fair value adjustment-Trading 12,000 12,000 Unrealized gain-Income Clear entry Record entry View general journal Brooks Co. purchases various investments in trading securities at a cost of $70,000 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 $82,000. 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 $35,000) for $38,000. (If no entry Is requlred for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet Prepare the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $35,000) for $38,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03, 2018 Cash 38,000 35,000 Short-term investments-Trading 3,000 Gain on sale of short-term investments Record entry Clear entry View general jourmal