During January 2020, Long Corporation for the first time decided to acquire some equity securities as a means of putting some of its idle cash to work. The securities are classified as trading securities. At March 31 , when Long prepares its first quarter financial statements, the following information about the acquired securities is available: Kequired: a. Prepare the journal entries to record the acquisition in January and valuation at the end of the first quarter of 2020. b. Assume that on June 30,2020 , the company still has this same portfolio. The market value of 1 is $57,000,2 is $30,000, and 3 is $31,000. What journal entry, if any, should be prepared at the end of the second quarter? c. On August 15, 2020, Long Corporation sold Security 3 for $33,000. Prepare the journal entry to record this transaction