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 $$24,000.$

September $7$ Purchased Apple bonds for $$49,000.$

September $12$ Purchased Mastercard bonds for $$34,000.$

October $21$ Sold some of its Verizon bonds that had cost $$2,700$ for $$2,800$ cash.

October $23$ Sold some of its Apple bonds that had cost $$29,000$ for $$29,400$ cash.

November $1$ Purchased Walmart bonds for $$54,000.$

December $10$ Sold all of its Mastercard bonds for $$32,000$ cash.

Required:

Prepare journal entries to record these transactions.

Prepare a table to compare the year$-$end cost and fair values of its trading debt securities$.$ Year$-$end fair values: Verizon, $$22,500$; Apple, $$29,000$; and Walmart, $$46,000.$

Prepare the adjusting entry to record the year$-$end fair value adjustment for the portfolio of trading debt securities$.$