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Last Unguaranteed Financial Inc. purchased the following trading securities during 2016, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc. 5,450

Last Unguaranteed Financial Inc. purchased the following trading securities during 2016, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc. 5,450 $152,600 French Broad Industries Inc. 2,670 64,080 Pisgah Construction Inc. 1,660 107,900 Total $324,580 The market price per share for the trading security portfolio on December 31, 2016, was as follows: Market Price per Share, Dec. 31, 2016 Arden Enterprises Inc. $36 French Broad Industries Inc. 27 Pisgah Construction Inc. 61 Required: A. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, 2016.* B. Assume the market prices of the portfolio were the same on December 31, 2017, as they were on December 31, 2016. What would be the journal entry to adjust the portfolio to fair value?* *Refer to the Chart of Accounts for exact wording of account titles. Be sure to enter the year as part of the date.

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