The information below is available for Barkley Company at December 31, 2008, regarding its investments.
Securities Cost Fair Value
3,000 shares of Myers Corporation Common Stock $46,900 $54,580
1,000 shares of Cole Incorporated Preferred Stock $27,500 $24,260
$74,400 $78,840
a. Prepare the adjusting entry (if any) for 2008, assuming the securities are classified as trading
b. Prepare the adjusting entry (if any) for 2008, assuming the securities are classified as available-for-sale.