EX 15-16 Fair value journal entries, trading investments Gruden Bancorp Inc. purchased a portfolio of trading sec and fair value of this portfolio on December 31, Year 1, OBJ. 3,4 urities during Year 1. The cost was as follows: Name Griffin Inc. Luck Company Wilson Company Number of Shares 1,600 1,250 1,000 Total Cost 40,000 37,500 40,000 $117,500 Total Fair Value 44,800 33,750 37,000 $115,550 Total On May 10, Year 2, Gruden Bancorp Inc. purchased 1,200 shares of Carroll Inc. at $29 per share plus a $100 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. b. The May 10, Year 2, purchase of Carroll Inc. stock