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: On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $32 per share plus a $140 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 b. The May 10, Year 2, purchase of Carroll Inc. stock. Year 2, May 10