Fair value adjustment for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows: Issuing Company Cost Fair Value Griffin Inc. $40,000 $45,000 Luck Company 37,500 33,750 Wilson Company 40,000 37,500 Totals $117,500 $116,250 On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $34,500. Question Content Area a. Journalize