Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 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 1,250 $16,750 $15,750 Luck Company 700 22,960 21,350 Wilson Company 350 10,850 11,070 Total $50,560 $48,170 On May 10, Year 2, Gruden Bancorp Inc. purchased 600 shares of Carroll Inc., at $31 per share plus a $90 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 Feedback Check My Work b. The May 10, Year 2, purchase of Carroll Inc. stock. Year 2, May 10 Investments-Carroll Inc. Cash Feedback Check My Work Feedback Check My Work Previous Next