Business, 06.06.2020 20:59 mimacapa

Time Remaining 59 minutes 8 seconds00:59:08 Item 1Item 1 Time Remaining 59 minutes 8 seconds00:59:08 Brooks Co. purchases debt investments as trading securities at a cost of $52,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $62,000. 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 $26,000) for $28,500 cash.

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