Fair Value Journal Entries, Trading Investments Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Cost Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. Number of Shares 2,600 1,300 $53,040 20,020 16,100 $89,160 700 Total The market price per share for the trading security portfolio on December 31, Year 1 was as follows: Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. Dec. 31, Year 1 $26 16.5 21.5 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 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 portfolio to fair value? If no entry is required, select "No entry required" and leave the amount boxes blank. Year 2, Dec. 31