Journal entries for trading investments

Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows:

Issuing Company	Cost	Fair Value
Griffin Inc.	$40,000	$44,800
Luck Company	37,500	33,750
Wilson Company	40,000	37,000
Total	$117,500	$115,550

On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $34,900.

Journalize the entries to record the following: If an amount box does not require an entry, leave it blank.

a. The adjusting entry for the portfolio of trading securities on December 31, 20Y3.

20Y3, Dec. 31	Valuation Allowance for Trading Investments	fill in the blank 9ca989f95ff9fd2_2	fill in the blank 9ca989f95ff9fd2_3
	Unrealized Gain on Trading Investments	fill in the blank 9ca989f95ff9fd2_5	fill in the blank 9ca989f95ff9fd2_6

b. The May 10, 20Y4, purchase of Carroll Inc. securities.

20Y4, May 10		fill in the blank 7a0708fe9f80fae_2	fill in the blank 7a0708fe9f80fae_3
		fill in the blank 7a0708fe9f80fae_5	fill in the blank 7a0708fe9f80fae_6

c. The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase of Carroll Inc. securities there were no other transactions involving trading securities in 20Y4. In addition, assume that the fair value of the portfolio of trading securities on December 31, 20Y4, is $175,000.

20Y4, Dec. 31		fill in the blank 998f550c8039fbd_2	fill in the blank 998f550c8039fbd_3
		fill in the blank 998f550c8039fbd_5	fill in the blank 998f550c8039fbd_6

d. What amount should be reported for trading investments on the December 31, 20Y4, balance sheet?