Exercise $15-2($Algo$)$ Accounting for debt investments classified as trading LO P$1$

Prepare the December $27$ entry for the purchase of debt investments.

& $3.$ Prepare the December $31$ year$-$end fair value adjusting entry for the trading securities$\text{'}$ portfolio and the January $3$ entry when Brooks sells a portion of its trading securities $($costing $$28,500)$ for $$32,250$ cash.

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Req $1$

Req $2$ and $3$

Prepare the December $31$ year$-$end fair value adjusting entry for the trading securities$\text{'}$ portfolio and the January $3$ entry when Brooks sells a portion of its trading securities $($costing $$28,500)$ for $$32,250$ cash.

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