E17-6 (Entries for Available-for-Sale and Trading Securities) The following information is available for Barkley Company at December 31, 2014, regarding its investments. Instructions Securities Cost Fair Value 3,000 shares of Myers Corporation Common Stock 1,000 shares of Cole Incorporated Preferred Stock $40,000 $48,000 25,000 22,000 $65,000 $70,000 (a) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as trading. (b) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as available- for-sale. (c) Discuss how the amounts reported in the financial statements are affected by the entries in (a) and (b).