E17-6 The information on the following page is available for Barkley Company at

E17-6 The information on the following page is available for Barkley Company at December 31 2003 regarding its investments. Cost Fair Value3000 shares of Myers Corporation Common Stock 40000 480001000 shares of Cole Incorporated Preferred Stock 25000 2200065000 70000Instructions(a) Prepare the adjusting entry (if any) for 2003 assuming the securities are classified as trading. (b) Prepare the adjusting entry (if any) for 2003 assuming the securities are classified as available.(c) Discuss how the amounts reported in the financial statements are affected by the entries in (a) and (b).