Show Me How Journal entries for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 2013, its first year of operations. The cost and fair value of this portfolio on December 31, 2013, are as follows: Issuing Company Cost Fair Value Griffin Inc. $40,000 $44,800 Luck Company 37,500 33,750 Wilson Company 40,000 37,000 Total $117,500 $115,550 On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $34,900. Journalize the entries to record the following: If an amount box does not require an entry, leave it blank. a. The adjusting entry for the portfolio of trading securities on December 31, 2013. 20Y3, Dec. 31 Unrealized Loss on Trading Investments Valuation Allowance for Trading Investments 1,950 V 1,950 Feedback Check My Work a. The gain or loss is the difference between the portfolio cost and its fair value. The offsetting account for the gain or loss entry is the Valuation Allowance for Trading Investments. Check My Work All work saved. Previous Next > Save and Exit Submit Assignment for Grading