he H Brooks Co. purchases debt investments as trading securities at a cost of $63,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $79,000. 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 $31,500) for $35,500 cash. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 s Prepare the December 27 entry for the purchase of debt investments. View transaction list Journal entry worksheet 1 Record purchase of trading securities... Note: Enter debits before credits Prev 1 of 8 Next > Req 1 Req 2 and 3 Prepare the December 27 entry for the purchase of debt investments. View transaction list Journal entry worksheet Record purchase of trading securities. Note: Enter debits before credits. Date Dec. 27 General Journal Debit Credit Prev 1 of 8 Next > Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January sells a portion of its trading securities (costing $31,500) for $35,500 cash. View transaction list Journal entry worksheet 1 2 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit Record entry Clear entry View general journal Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the Janua sells a portion of its trading securities (costing $31,500) for $35,500 cash. View transaction list Journal entry worksheet