Union Financial Services Ltd. purchased the following held-for-trading securities during 2014, its first year of operations:

There were no sales of securities during 2014 or 2015.
The market price per share for the held-for-trading security portfolio on December 31, 2014, and December 31, 2015, was as follows:

a. Provide the journal entry to adjust the held-for-trading securities to fair value on:
1. December 31, 2014
2. December 31, 2015
b. Describe the income statement impact from the December 31, 2015, journal entry.

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Number of Shares Name Cost B&T Transportation Ltd. Citrus Foods Ltd. Stuart Housewares Ltd. Total 3.400 1.800 800 $ 67.100 29,700 19,700 $116,500 Market Price per Share Dec. 31, 2014 Dec. 31, 2015 B&T Transportation Ltd. Citrus Foods Ltd. Stuart Housewares Ltd. $25.00 17.50 23.00 $24.00 18.00 20.00