Exercise 15-3 Accounting for trading securities LO P1 Brooks Co. purchases various investments in trading securities at a cost of $61,000 on December 27,2017 This is its first and only purchase of such securities) At December 31, 2017, these securities had a fair value of $67000 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the trading securities' portfolio and the January 3, 2018, entry when ok Brooks sells a portion of its trading securities (that had originally cost $30,500) for $32.000 (If no entry is required fora transaction/event, select "No journal entry required" in the first account field.)