Last Unguaranteed Financial Inc. purchased the following trading securities during 2016, its first year of operations: The market price per share for the trading security portfolio on December 31,...

Last Unguaranteed Financial Inc. purchased the following trading securities during 2016, its first year of operations:

The market price per share for the trading security portfolio on December 31, 2016, was as follows

a. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, 2016.

b. Assume the market prices of the portfolio were the same on December 31, 2017, as they were on December 31, 2016. What would be the journal entry to adjust the portfolio to fair value?