Fair Value Journal Entries, Trading Investments Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc 2,600 $51,480 French Broad Industries Inc. 1,100 17,160 700 18,200 Pisgah Construction Inc. Total $86,840 The market price per share for the trading security portfolio on December 31, Year 1 was as follows: Market Price per Share Dec. 3 LyYear 1 Arden Enterprises Inc. $25 French Broad Industries Inc. 16.5 Pisgah Construction Inc 24 2. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, Year 1. If no entry is required, select "No et required and leave the amount boxes blank Year 1. Dec. 31 Valuation Allowance for Trading Investments 13,000 X Unrealized Gain on Trading Investments 13,000 X Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of ca ACCOUNT Land ACCOUNT NO. Date Item Debit Credit Jan. 1 Balance Debit Credit 198,100 515,100 932,300 Balance Purchased for cash Purchased with long-term mortgage note Feb. 10 317,000 417,200 Nov. 20 Item Section of Statement of Cash Flows Added or Deducted An Purchase of land for cash Purchase of land by Issuing long-term mortgage