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 $17,420 $16,370 Luck Company 750 24,600 22,880 Wilson Company 250 8,000 8,160 Total $50,020 $47,410 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $32 per share plus a $110 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 in stock Year 2, May 10 7:21 PM