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Fair Value Journal Entries, Trading Investments Jets Bancorp Inc. purchased a portfolio of trading securities during 2014. The cost and fair value of this portfolio

Fair Value Journal Entries, Trading Investments

Jets Bancorp Inc. purchased a portfolio of trading securities during 2014. The cost and fair value of this portfolio on December 31, 2014, was as follows:

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On May 10, 2015, Jets Bancorp Inc. purchased 1,000 shares of Giants Inc. at $24 per share plus a $150 brokerage fee. Provide the journal entries to record the following: The adjustment of the trading security portfolio to fair value on December 31, 2014. The May 10, 2015, purchase of Giants Inc. stock

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