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: Number of Shares Total Cost Total Fair Value 1,250 $16,750 $15,750 Luck Company 27,880 25,930 Name Griffin Inc. 850 Wilson Company 400 12,400 12,650 Total $57,030 $54,330 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $31 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 b. The May 10, Year 2, purchase of Carroll Inc. stock. Year 2, May 10