Exercise 15-3 Accounting for trading securities LO P purchase of such securities.) At December 31, 2017, these securities had a fair value of $92,000 Brooks sells a portion of its trading securities (that had originally cost $39,000) for $42,500. of no entry is required for a 071 points select "No journal entry required" in the first account field.) Journal entry worksheet Dec 31, 2017 4 Exercise 15-3 Accounting for trading securities LO P1 Brooks Co. purchases various investments in trading securties at a cost of $78,000 on December 27, 2017. (This is its first and only 071 purchase of such securities) At December 31, 2017, these securities had a fair value of $92,000 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the trading securities portfolio and the January 3, 2018, entry when transaction/event, select "No journal entry required" in the first account field.) Brooks sells a portion of its trading securities (that had originally cost $39,000) for $42.500. (If no entry is required for a Journal entry worksheet References Prepare the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $39,000) for $42,500. Debit Credit Jan 03, 2018 Clear entry