Instructions Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Number of Name Total Cost Total Fair Value Shares 2 Griffin Inc. 1,460.00 $29,200.00 $32,120.00 3 Luck Company 1,200.00 30,000.00 26,400.00 4 Wilson Company 850.00 30,600.00 26,350.00 5 Total $89,800.00 $84,870.00 On May 10, Year 2, Gruden Bancorp Inc. purchased 990 shares of Carroll Inc. at $26 per share plus a $130 brokerage commission. Required: A. Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31, Year 1.* B. Provide the journal entry to record the May 10, Year 2, purchase of Carroll Inc. stock.* *Refer to the Chart of Accounts for exact wording of account titles