Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27, 2015. (This is its firstand only purchase of such securities.) At December 31, 2015, these securities had a fair value of 871000.1. Prepare the December 31, 2015, year-end adjusting entry for the trading securities' portfolio. 2. Explain how each account in the entry of part 1 is reported in financial statements. 3. Prepare the January 3, 2016, entry when Brooks sells a portion of its trading securities (that had originally cost $33,000) for $35,000.
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Home » Business » Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27, 2015. (This is its firstand only purchase of such securities.) At December 31, 2015, these securities had a fair value of 871000.1.