Acorn Bancorp Inc. purchased a portfolio of trading securities during 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows:

On April 3, 2013, Acorn Bancorp Inc. purchase 500 shares of Luke, Inc., at $36 per share plus a $100 brokerage fee. Provide the journal entries to record the following:a. The adjustment of the trading security portfolio to fair value on December 31, 2012. b. The April 3, 2013, purchase of Luke, Inc.,stock.

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Name Number of Shares Total Cost Total Fair Value Apex, Inc. Evans Company 1,200 700 300 $17,500 19,000 8,600 $16,000 23,000 9,000 Quaker Company Total $48,000 $45,100