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

Aug.		2		Purchased Verizon bonds for $22,000.
Sept.		7		Purchased Apple bonds for $47,000.
		12		Purchased Mastercard bonds for $32,000.
Oct.		21		Sold some of its Verizon bonds that had cost $2,600 for $2,700 cash.
		23		Sold some of its Apple bonds that had cost $27,000 for $27,400 cash.
Nov.		1		Purchased Walmart bonds for $52,000.
Dec.		10		Sold all of its Mastercard bonds for $30,000 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: Verizon, $20,500; Apple, $28,000; and Walmart, $45,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities.