Union Financial Services, Inc., purchased the following trading securities during 2009, its first year of operations:

The market price per share for the trading security portfolio on December 31, 2009, and December 31, 2010, was as follows:

(a) Provide the journal entry to adjust the trading security portfolio to fair value on:1. December 31, 20092. December 31, 2010(b) Describe the income statement impact from the December 31, 2010, journalentry.

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Name Number of Shares Cost $ 67,100 B&T Transportation, Inc. Citrus Foods, Inc. Stuart Housewares, Inc. Total 3,400 1,800 29,700 19,700 $116,500 800