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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 $28,000. Septenber 7 Purchased Apple bonds for $53,000. Septenber 12 Purchased Mastercard bonds for $38,000. October 21 Sold sone of its Verlzon bonds that had cost $2,900 for $3,000cash. october 23 sold sone of its Apple bonds that had cost $33,600 for $33,400 cash. November 1 Purchased Walnart bonds for $56,000. Decenber 10 . Sold oll of Its Mastercard bonds for $36,000 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, $26,500, Apple, $31,000, and Walmart, $48.000, 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities

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