Brooks Co. purchases various investments in trading securities at a cost of $56,000 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 $61,000. 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 $28,000) for $29,250. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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 View general journal Clear entry Journal entry worksheet Prepare the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $28,000) for $29,250 Note: Enter debits before credits. Date General Journal Debit Credit Jan 03, 2018 Record entry Clear entry View general journal