Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,300 $16,370 $17,420 26,240 Luck Company 800 24,400 Wilson Company 200 6,120 6,000 $49,660 Total $46,890 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $30 per share plus a $80 brokerage commission Provide the journal entries to record the following: a. The adjustment of the trading security portfolio to fair value on December 31, Year 1. Year 1, Dec. 31 Unrealized Gain (Loss) on Trading Investments Valuation Allowance for Trading Investments b. The May 10, Year 2, purchase of Carroll Inc, stock Year 2, May 10 Investments Carroll Inc. Cash Check My Work