Jets Bancorp Inc. purchased a portfolio of trading securities during 2016. The cost and fair value of this portfolio on December 31, 2016, was as follows:

On May 10, 2017, Jets Bancorp Inc. purchased 1,000 shares of Giants Inc. at $24 per share plus a $150 brokerage commission.
Provide the journal entries to record the following:
a. The adjustment of the trading security portfolio to fair value on December 31, 2016.
b. The May 10, 2017, purchase of Giants Inc. stock.

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Name Dolphins Inc. Marino Company Namath Company Number of Shares Total Cost $28,000 30,000 28,000 $86,000 Total Falr Value $30,800 27,600 26,400 $84,800 1,400 800 Total