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During 2019 , the following transactions occurred: Transactions: \begin{tabular}{rrll} \hline May & 3 & Purchased C debt securities at their par value for $50,000. \\ July & 1 & Sold all of the A securities for $44,000 plus interest of $1,000 \\ Dec. & 31 & Received interest of $1,000 on the B and C securities. Additionally the following information was available: \end{tabular} Available-for-Sale Securities Instructions During 2019, the following transactions occurred: Required: 1. Prepare journal entries to record the preceding information. 2. What is the balance in the Unrealized Holding Gain/Loss account on December 31,2019? 3. Next Level What justification does the FASB give for its treatment of unrealized holding gains and losses for available-for-sale securities? Instructions Chart of Accounts General Journal Analysis Next Level Chart of Accounts 111 Cash 114 Investment in Available-for-Sale Securities 119 Allowance for Change in Fair Value of Investment 121 Accounts Receivable 141 Inventory 151 Supplies 152 Prepaid Insurance LIABILITIES 211 Accounts Payable 221 Notes Payable 224 Interest Payable 231 Salaries Payable EQUITY 311 Common Stock 331 Retained Earnings 391 Unrealized Holding Gain/Loss: Available-for-Sale Securities 411 Sales Revenue 431 Interest Income 435 Gain on Sale of Available-for-Sale Securities EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 513 Delivery Expense 515 Supplies Expense 521 Advertising Expense 523 Salaries Expense 531 Bad debt Expense 539 Miscellaneous Expenses 540 Interest Expense Available-for-Sale Securities Instructions Chart of Accounts General Journal Analysis Analysis Next Level 311 331 391 General Journal GENERAL JOURNAL DATE ACCOUNT TITLE 4 5 6 7 8 9 10 11 12 X PAGE 1 POST. REF. DEBIT 2. What is the balance in the Unrealized Holding Gain/Loss account on December 31,2019 ? 2. 3. What justification does the FASB give for its treatment of unrealized holding gains and losses for available-for-sale securities? FASB requires unrealized holding gains and losses for avaliable-for-sale securities to be reported as a component of other comprehensive income because: I Reporting unrealized holding gains and losses in income for available-for-sale securities would create unnecessary volatility in a company's reported net income. II The securities are actively managed making the inclusion of gains and losses irrelevant