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Question: fair value journal entries trading investments gruden bancorp inc purchased...

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Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows Name Griffin Inc. Luck Company Wilson Company Number of Shares Total Cost $19,430 21,320 Total Fair Value 1,450 650 200 $18,260 19,830 5,920 $44,010 5,800 Total $46,550 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $29 per share plus a $60 brokerage commission. Provide the journal entries to record the following: a. The adjustment of the trading security portfolio to fair value on December 31, Year 1 Year 1, Dec. 31 b. The May 10, Year 2, purchase of Carroll Inc. stock Year 2, May 10

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