Ch Problem 15-1A Recording and adjusting trading debt securities LO P1 Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. Aug. 2 Purchased Verizon bonds for $40,000. Sept. 7 Purchased Apple bonds for $65,000. 12 Purchased Mastercard bonds for $50,000. Oct. 21 Sold wone of its Verizon bonds that had cost $3,500 for $3,600 cash. 23 Sold some of its Apple bonds that had cost $45,000 for $45,400 cash. Nov. 1 Purchased Walmart bonds for $70,000. Dec. 10 Sold all of its Mastercard bonds for $48,000 cash. Required 1. Prepare jurnal entries to record these transactions 2. Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $38,500; Apple $37.000; and Walmart, $54,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record these transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Prepare a table to compare the year-end cost and fair values of its trading debt securities Year-end fair values: Verizon, $38,500; Apple, 337,000, and Walmart, $54,000. Portfolio of Trading Securities Cost Fair Value Unreatured Amount Verizon bonds $38.500 Apple bonds 37.000 wwmartbonde 54.000 Total 5 O $ 120.500 Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt sec View transaction list Journal entry worksheet