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Sheridan Company has the following data at December 31, 2020. Securities Cost Fair Value Trading $121,500 $125,000 Available-for-sale 101,100 93,800 The available-for-sale securities are held

Sheridan Company has the following data at December 31, 2020.

Securities Cost Fair Value

Trading $121,500 $125,000

Available-for-sale 101,100 93,800

The available-for-sale securities are held as a long-term investment.

Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value.

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