Brooks Co purchases various investments in trading securities at a cost of $77,000 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 $87,000. 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 $38,500) for $41,000. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction ist Journal entry worksheet 1 2 Record the fair vale adjustment for the securities at December 31, 2017 Note Enter debit before credits Date Dec 31, 2017 General Journal Debli Credit Brooks Co purchases various investments in trading securities at a cost of $77,000 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 $87,000. 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 $38,500) for $41000. (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 Prepare the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $38,500) for $41,000. Note: Enter debits before credits General Journal Date Jan 03, 2018 Debit Credit