Saved Brooks Co. purchases debt investments as trading securities at a cost of $64,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $75,000 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 $32,000) for $34,750 cash. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Prepare the December 27 entry for the purchase of debt investments. View transaction list Journal entry worksheet > Record purchase of trading securities. Note: Enter debits before credits Debit Credit General Journal Date Dec. 27 View general journal Clear entry Record entry 1 of 12 Pray Next > Reg 1 Reg 2 and 3 Prepare the December 31 year-endita 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 $32,000) for $34,750 cash. View transaction list Journal entry worksheet 1 2 > Record the year-end adjustment to fair value, if any. Note: Enter debits before credits Date General Journal Debit Credit Dec. 31 View general journal Record entry Clear entry