Available-for-Sale Securities At the beginning of 2016, Ace Company had the following portfolio of investment In available-for-sale securities (common stock): During 2016, the following transactions occurred: May 3 Purchased C securities (common stock) for $13,500. July 16 Sold all of the A securities for $25,000. Dec. 31 Received dividends of $800 on the B and C securities, for which the following information was available: Required: 1. Prepare journal entries to record the preceding information. 2. What is the balance in the Unrealized Holding Gain/Loss account on December 31, 2016? 3. Next Level What justification does the FASB give for its treatment of unrealized holding gains and losses for available-for-sale securities