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Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. August 2 Purchased

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Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. August 2 Purchased Verizon bonds for $32,000. Septenber 7 Purchased Apple bonds for $57,009. Septenber. 12 Purchased Mastercard bonds for $42,009. october 21 sold soee of Its verizon bonds that had cost $3,100 for $3,290 cash. October 23 Sold soee of its Apple bonds that had cost \$37,000 for \$337,400 cash. Novenber 1 Purchased Walesart bonds for $62,000. Decenber 10 sold all of its Mastercard bonds for $40,000 cash. Required 1. Prepare joumal entries to record these transactions. 2. Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $30,500; Apple, $33,000, and Walmart, $50,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these tranisactions. Journal entry worksheet September 12 Purchased Mastercard bonds for $42,000. October 21 Sold some of its Verizon bonds that had cost $3,100 for $3,260 cash. October 23 sold some of its Apple bonds that had cost $37,690 for $37,409 cash. November 1 Purchased Walmart bonds for $62,060. December 10 sold all of its Mastercard bonds for $40,609 cash. Required 1. Prepare journal entries to record these transactions. 2. Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizo Apple, $33,000; and Walmart, $50,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities. Complete this question by entering your answers in the tabs below. Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $30,500; Apple, $33,000; and Walmart, $50,000. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt s Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits

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