Required information [The following information applies to the questions displayed below) Brooks Company purchases debt investments as trading securities at a cost of $58,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $65,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $29,000) for $30,750 cash Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Prepare the December 27 entry for the purchase of debt investments. View transaction at Journal entry worksheet Record purchase of trading securities Journal entry worksheet 6:07 1 2 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal