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continious question

Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,100 $14,740 $13,860 Luck Company 900 29,520 27,450 Wilson Company 350 10,850 11,070 Total $55,110 $52,380 On May 10, Year 2, Gruden Bancorp Inc. purchased 550 shares of Carroll Inc., at $31 per share plus a $80 brokerage commission. Provide the journal entries to record the following: a. The adjustment of the trading security portfolio to fair value on December 31, Year 1. Year 1, Dec. 31 Unrealized Gain (Loss) on Trading Investments Valuation Allowance for Trading Investments b. The May 10, Year 2, purchase of Carroll Inc. stock. Year 2, May 10 Investments-Carroll Inc. Cash O Fair Value Journal Entries, Available-for-Sale Investments The investments of Steelers Inc. include a single investment: 9,600 shares of Bengals Inc. common stock purchased on September 12, Year 1, for $11 per share including brokerage commission. These shares were classified as available-for-sale securities. As of the December 31, Year 1, balance sheet date, the share price declined to $9 per share. a. Journalize the entries to acquire the investment on September 12 and record the adjustment to fair value on December 31, Year 1. Year 1 Sept. 12 Investments-Bengals Inc. Stock Cash Year 1 Dec. 31 Unrealized Gain (Loss) on Available-for-Sale Investments Valuation Allowance for Available-for-Sale Investments b. How is the unrealized gain or loss for available-for-sale investments disclosed on the financial statements? Unrealized Gain (Loss) on Available-for-Sale Investments is reported in the Stockholders' Equity section of the balance sheet