JPMorgan Chase invests in short-term equity investment securities. At the end of 2019 and 2018, the securities were valued at $72.3 billion and $71.8 billion, respectively. The investments comprise about 9 percent of the company's total investment portfolio. Unrealized gains during 2019 totaled approximately $14 billion.

INSTRUCTIONS:
Assume that no equity securities were purchased during 2019 and that all sales of equity securities occurred at the beginning of 2019. Compute the fair value of the equity securities sold at the beginning of the year as well as the overall effect of the equity security portfolio on 2019's net income.