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Brooks Co. purchases debt investments as trading securities at a cost of $58,000 on December...

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Brooks Co. purchases debt investments as trading securities at a cost of $58,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $78,000 1. Prepare the December 27 entry for the purchase of debt investments 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $29,000) for $34,000 cash. Complete this question by entering your answers in the tabs below. Reg Reg 2 and 3 Prepare the December 27 entry for the purchase of debt Investments View transaction list Journal entry worksheet 1 Record purchase of trading securities Journal entry worksheet

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