Fair Value Journal Entries, Trading Investments Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Number of Shares Name Cost Arden Enterprises Inc. $80,770 4,100 French Broad Industries Inc. 1,800 26,460 Pisgah Construction Inc. 600 14,400 $121,630 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. $25 French Broad Industries Inc. 15.5 Pisgah Construction Inc. 22.5 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 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