Southeast Bank invests in trading securities and prepares quarterly financial statements. At the beginning of the fourth

Question:

Southeast Bank invests in trading securities and prepares quarterly financial statements. At the beginning of the fourth quarter of 2013, the bank held as trading securities 250 shares of Eglan Company that originally cost $6,875. At that time, these securities had a fair value of $6,500. During the fourth quarter, the bank engaged in the following trading securities transactions:
Oct. 26 Purchased 280 shares of Farrell Company for $35 per share.
Nov. 26 Sold 250 shares of Eglan for $24 per share.
Dec. 10 Purchased 460 shares of Gray Company for $40 per share.
On December 31, 2013, the quoted market prices of the shares were as follows:
Eglan Company, $52 per share;
Farrell Company, $38 per share; and Gray Company, $39 per share.
1. Prepare journal entries to record the preceding information for the fourth quarter. For compound entries, if an amount box does not require an entry, leave it blank.

2. Show what the bank reports on its fourth quarter 2013 income statement for these trading securities.
loss on sale of trading securities.......................$?????
unrealized holding gain.................................$????
3. Show how the bank reports these trading securities on its balance sheet at the end of the fourth quarter of 2013.current assets:
Investments in trading securities (at fair value).......................$??????

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