While reviewing the March 31, 2020, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,177. Its most recent bank money market statement shows that the funds are earning an annualized return of 0.66%. S. Rey decides to make several investments with the desire to earn a higher return on the idle cash balance. Accordingly, in April 2020, Business Solutions makes the following investments in trading securities Apr. 16 Purchases Johnson & Johnson bonds for $9,000. Apr. 30 Purchases notes of Starbucks for $5,000. On June 30, 2020, the fair value of the Johnson & Johnson bonds is $14,500 and the Starbucks notes is $2,700. Required: 1. Prepare journal entries to record the April purchases of trading securities by Business Solutions. 2. On June 30, 2020, prepare the adjusting entry to record any necessary fair value adjustment to its portfolio of trading securities. Record the Debt investment in bonds of Johnson & Johnson for $9,000 on April 16, 2020. 2 Record the Debt investment in notes of Starbucks for $5,000 on April 30, 2020. Record the adjusting entry for the securities portfolio as of June 30, 2020. Note: Enter debits before credits. General Journal Debit Credit Date June 30