Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. Aug. Sept. Oct. 2 Purchased Verizon bonds for $46,000. 7 Purchased Apple bonds for $71,000. 12 Purchased Mastercard bonds for $56,000. 21 Sold some of its Verizon bonds that had cost $3,800 for $3,900 cash. 23 Sold some of its Apple bonds that had cost $51,000 for $51,400 cash. 1 Purchased Walmart bonds for $76,000. 10 Sold all of its Mastercard bonds for $54,000 cash. Nov. Dec. 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, $44,500; Apple, $40,000; and Walmart, $57,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities. Required 1 Required 2 Required 3 Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $44,500; Apple, $40,000; and Walmart, $57,000. Portfolio of Trading Securities Cost Fair Value Fail Unrealized Amount Verizon bonds Apple bonds Walmart bonds Total Required 1 Required 3 > Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec. 1 Record entry Clear entry View general journal