Required information [The following information applies to the questions displayed below.] Brooks Company purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $72,000. Brooks sells a portion of its trading securities (costing $3,000) for $4,000 cash. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. Assets 1. Debt Investments - Trading 1. Cash (+) increase 66,000 = (-) decrease 66,000 = 2. Debt Investments - Trading (+) increase 6,000 3. Debt Investments - Trading (-) decrease 3,273 3 3. Cash (-) decrease 4,000 Liabilities of $66,000 on December 27. ecurities had a fair value of alyze each transaction above by showing its (including + or -) for each transaction. Liabilities Equity + + + Retained earnings (+) increase 6,000 + Retained earnings (+) increase 727 + Journal entry worksheet < 1 Record purchase of trading securities. Note: Enter debits before credits. Date December 27 General Journal Clear entry Record entry Debit Credit View general journal > Required information [The following information applies to the questions displayed below] Brooks Company purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $72,000. Brooks sells a portion of its trading securities (costing $3,000) for $4,000 cash. Analyze each transaction above by showing its effects on the accounting equation-specifically, Identify the accounts and amounts (including + or -) for each transaction. 1. 1. 2. 3. 3. Assets = Liabilities tions displayed below.] as trading securities at a cost of $66,000 on December 27. rities. At December 31, these securities had a fair value of g $3,000) for $4,000 cash. Analyze each transaction above by showing its ntify the accounts and amounts (including + or -) for each transaction. = =0 = => Liabilities + + Equity