Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. August 2 Purchased Verizon bonds for $42,000. September 7 Purchased Apple bonds for $67,000. September 12 Purchased Mastercard bonds for $52,000. October 21 Sold some of its Verizon bonds that had cost $3,600 for $3,700 cash. October 23 Sold some of its Apple bonds that had cost $47,000 for $47,400 cash. November 1 Purchased Walmart bonds for $72,000. December 10 Sold all of its Mastercard bonds for $50,000 cash. Required 1. Prepare journal entries to record these transactions. 2. Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $40,500; Apple, $38,000; and Walmart, $55,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record these transactions. View transaction list Journal entry worksheet 1 2 1 5 6 7