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 number of shares total cost total fair value griffin inc. 1,600 $40,000 $44,800 luck company 1,250 37,500 33,750 wilson company 1,000 40,000 37,000 total $117,500 $115,550 on may 10, year 2, gruden bancorp inc. purchased 1,200 shares of carroll inc. at $29 per share plus a $100 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