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 $26,000. 7 Purchased Apple bonds for $51,000. 12 Purchased Mastercard bonds for $36,000. 21 Sold some of its Verizon bonds that had cost $2,800 for $2,900 cash. 23 Sold some of its Apple bonds that had cost $31,000 for $31,400 cash. 1 Purchased Walmart bonds for $56,000. 10 Sold all of its Mastercard bonds for $34,000 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, $24,500; Apple, $30,000, and Walmart, $47,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities