Jets Bancorp Inc. purchased a portfolio of trading securities during 2016. The cost and fair value of this portfolio on December 31, 2016, was as follows: On May 10, 2017, Jets Bancorp Inc. purchased...

Jets Bancorp Inc. purchased a portfolio of trading securities during 2016. The cost and fair value of this portfolio on December 31, 2016, was as follows:

On May 10, 2017, Jets Bancorp Inc. purchased 1,000 shares of Giants Inc. at $24 per

share plus a $150 brokerage commission.

Provide the journal entries to record the following:

a. The adjustment of the trading security portfolio to fair value on December 31, 2016.

b. The May 10, 2017, purchase of Giants Inc. stock.