Jets Bancorp Inc. purchased a portfolio oftrading securitiesduring 2016. The cost and fair value of this portfolio on December 31, 2016, was as follows:

1

Name

Number of Shares

Total Cost

Total Fair Value

2

Dolphins Inc.

1,400.00

$28,000.00

$30,800.00

3

Marino Company

1,200.00

30,000.00

27,600.00

4

Namath Company

800.00

28,000.00

26,400.00

5

Total

$86,000.00

$84,800.00

On May 10, 2017, Jets Bancorp Inc. purchased 1,000 shares of Giants Inc. at $24 per share plus a $150 brokerage commission.

Required:

A.Provide the journal entries to record the following (refer to the Chart of Accounts for exact wording of account titles and be sure to enter the year as part of the date):The adjustment of the trading security portfolio to fair value on December 31, 2016.The May 10, 2017, purchase of Giants Inc. stock.