Exercise 15-2 Accounting for debt investments classified as trading LO P1 Brooks Co purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities. At December 31 these securities had a fair value of $74,000. 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 sells a portion of its trading securities (costing $33,000) for $35.000 cash Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Prepare the December 27 entry for the purchase of debt investments, View transaction at Journal entry worksheet 1 Record purchase of trading securities. Note Enter debits before credits Date Dec 23 General Journal Dobi Credit of such securities. At December 31, these securities had a fair value of $74.000 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 sells a portion of its trading securities (costing $33,000) for $35,000 cash. Complete this question by entering your answers in the tabs below. Reg1 Reg 2 and 3 Prepare the December 3 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $33,000) for $35,000 cash. View transaction Journal entry worksheet