Fair Value Journal Entries, Trading Investments Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Arden Enterprises Inc French Broad Industries Inc. Pisgah Construction Inc. Number of Shares Cost 3,000 57,600 22,500 20,800 $100,900 1,500 800 Total The market price per share for the trading security portfolio on December 31, Year 1 was as follows: Market Price per Share Dec. 31, Year 1 Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. a. 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 entry requi and leave the amount boxes blank. $24.5 16 24 Year 1, Dec. 31 $100,900 The market price per share for the trading security portfolio on December 31, Year 1 was as follows: Market Price per Share Dec. 31, Year 1 $24.5 Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. a. 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 entry required 16 24 and leave the amount boxes blank. Year 1, Dec. 31 b. Assume that the market prices of the portfolio were the same on December 31, Year 2, as they were on December 31, Year 1. What would be the journal entry to adjust the portfollo to fair value? If no entry is required, select "No entry required" and leave the amount boxes blank. Year 2, Dec. 31