While reviewing the March 31, 2022, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement shows that the funds are earning an annualized return of 0.75%. S. Rey decides to make several investments with the desire to earn a higher return on the idle cash balance. Accordingly, in April 2022, Business Solutions makes the following investments in trading securities. April 16 Purchases Johnson & Johnson bonds for $10,000. April 30 Purchases Starbucks notes for $4,400. On June 30, 2022, the fair value of the Johnson & Johnson bonds is $12,000 and the Starbucks notes is $3,800. Required: 1. Prepare journal entries to record the April purchases of trading securities by Business Solutions. 2. On June 30, 2022, prepare the adjusting entry to record any necessary fair value adjustment to its portfolio of trading securities. Journal entry worksheet Record the adjusting entry for the securities portfolio. Note: Enter debits before credits. Date June 30 General Journal Debit Credit Record entry Clear entry View general journal