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Required information [The following information applies to the questions displayed below] Brooks Company purchases debt investments as trading securities at a cost of $55,000 on December 27 . This is its first and only purchase of such securities. At December 31 , these securities had a fair value of $70,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. \& 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $27,500 ) for $31,250 cash. Answer is complete but not entirely correct. Complitie this question by entering your answers in the tabs below. Prepare the December 27 entry for the purchase of debt investments. Prepare the December 27 entry for the purchase of debt investments. \& 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when rooks sells a portion of its trading securities (costing $27,500 ) for $31,250 cash. (x) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the December 27 entry for the purchase of debt investments. Complete this question by entering your answers in the tabs below. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $27,500 ) for $31,250cash. Required information [The following information applies to the questions displayed below] Brooks Company purchases debt investments as trading securities at a cost of $55,000 on December 27 . This is its first and only purchase of such securities. At December 31 , these securities had a fair value of $70,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. \& 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $27,500 ) for $31,250 cash. Answer is complete but not entirely correct. Complitie this question by entering your answers in the tabs below. Prepare the December 27 entry for the purchase of debt investments. Prepare the December 27 entry for the purchase of debt investments. \& 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when rooks sells a portion of its trading securities (costing $27,500 ) for $31,250 cash. (x) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the December 27 entry for the purchase of debt investments. Complete this question by entering your answers in the tabs below. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $27,500 ) for $31,250cash