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work Use the following information for the Exercises below. (Algo) (The following information applies to the questions displayed below.) Brooks Company purchases debt investments as
work Use the following information for the Exercises below. (Algo) (The following information applies to the questions displayed below.) Brooks Company purchases debt investments as trading securities at a cost of $69,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $87,000. Exercise 15-2 (Algo) Accounting for debt investments classified as trading LO P1 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $34,500) for $39,000 cash. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Prepare the December 27 entry for the purchase of debt investments. Record purchase of trading securities. Note: Enter debits before credits. Date General Journal Debit Credit December 27 Record entry Clear entry View general journ Required information
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