Exercise 15-2 Accounting for debt investments classified as trading LO P1 Brooks Co. purchases debt investments as trading securities at a cost of $55,000 on December 27 This is its first and only purchase of such securities. At December 31, these securities had a fair value of 564,000 1. Prepare the December 27 entry for the purchase of debt investments 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities portfolio and the January 3 entry when Brooks selis a portion of its trading securities (costing $27,500 for $29.750 cash book Complete this question by entering your answers in the tabs below. Reg Reg 2 and 3 Prepare the December 27 entry for the purchase of debt investments View transaction lit