Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Brooks Company purchases debt investments as trading securities at a cost of $53,000 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. Exercise 15-2 (Algo) Accounting for debt investments classified as trading LO P1 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 $26,500) for $29,500 cash.Journal entry worksheet 2 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journalJournal entry worksheet 1 Record sale of trading securities. Note: Enter debits before credits. Date General Journal Debit Credit January 03 Record entry Clear entry View general journalJournal entry WORKSheet Record purchase of trading securities. Note: Enter debits before credits. Date General Journal Debit Credit December 27 Record entry Clear entry View general journal