Jets Bancorp Inc. purchased a portfolio of trading securities during 2014. The cost an fair value of this portfolio on December 31, 2014, was as follows:
On May 10, 2015, Jets Bancorp Inc. purchased 1,000 shares of Giants Inc. at $24 per share plus a $150 brokerage fee.
Provide the journal entries to record the following:
a. The adjustment of the trading security portfolio to fair value on December 31, 2014.
b. The May 10, 2015, purchase of Giants Inc. stock.