Instructions At the beginning of 2019, Ace Company had the following portfolio of investments in available-for-sale debt securities (all of which were acquired at par value) Security Cost 1/1/2019 Fair Value A $20,000 $25,000 B 30,000 29,000 Totals $50,000 $54,000 Analysis Shaded cells have feedback.X General Journal Shaded cells have feedback. GENERAL JOURNAL Score: 104/150 2. What is the balance in the Unrealized Holding Gain/Loss account on December 31, 2019? DATE May 3 ACCOUNT TITLE Investment in Available-for-Sale Securities POST REF DEBIT CREDIT 13,500.00 Credit $4,000.00 X Cash 13,500.00 During 2019, the following transactions occurred Jul 16 Points 1/2- Cash 25,000.00 Investment in Available-for-Sale Securities 20.000.00 Transactions: Gain on Sale of Available-for-Sale Securities 5.000.00 May 3 Purchased C debt securities at their par value for $50,000. Jul, 16 Unrealized Holding Gain/Loss: Available-for-Sale Securities 5.000.00 July 1 Sold all of the A securities for $25,000 plus interest of $1,000. Allowance for Change in Fair Value of Investment Dec. 31 Received interest of $7,600 on the B and C securities. Additionally the following information was available 5,000.00 87 Dec 31 Cash 800.00 Security 12/31/19 Fair Value B C $29,000 52,500 Dividend Income 800.00 10 Unrealized Holding Gain/Loss: Available-for-Sale Securities 4.000.00 "11 Allowance for Change in Fair Value of Investment 5.000.00 Gain on Sale of Available-for-Sale Securities 9.000.00 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