During 2009, Largent Enterprises Purchased Stock as Follows:
May 17

During 2009, Largent Enterprises purchased stock as follows:
May 17, Purchased 1,000 shares of Nugent common stock for $80 per share.
July 12, Purchased 400 shares of Alfredo common stock at $60 per share, plus a $600 brokerage commission.
Largent accounts for these investments as securities available for sale. At December 31, 2009, the market values of the securities were as follows:
Required:
(1.) Prepare the journal entries to record the acquisition of the two investments.
(2.) Prepare any necessary adjusting entries assuming the stocks are both classified as available for sale securities.
$$\begin{array} { l c } \text { Security } & \text { Market Value per Share } \\\hline \text { Nugent } & \$ 72 \\\text { Alfredo } & \$ 64\end{array}$$