Mowest Bank imests in equify securhes. At the begnning of December 2019, the bank held no equify securities. During Decenber of 2019 , it anternd inta the tollowing transactions Dec: 10 Purchased 550 shares of Cartol Cortpary common stock for $76 per share. Doc. 21 Purchased 800 shares of Dynamo Company common stock for $34 per share. As the end of Docember, the Carrol Compary common stock had a quoted market price of $79 per ahare, and the Dynamo Company common stock had a qucted market price of s33 per ar are. Required: 1. Prepare foumal entres to rocord the preceding informabon. 2. What is the unrealized holding gain or loss, and where is it reported in the 2019f. W satements? 3. Show how the bank reports the equity secunties an is December 31, 2019, balance shont 4. Next Level If Midwest uses IFPS, how would the acounting be dithorent from U.S. GUAP? CHART OF ACCOUNTS Midwest Bank General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 113 Investment in Equity Securities 121 Accounts Receivable EXPENSES 141 Inventory 500 Cost of Goods Sold 152 Prepaid Insurance 511 Insurance Expense 181 Equipment 512 Utilities Expense 189 Accumulated Depreciation 521 Salaries Expense 532 Bad Debt Expense LIABILITIES 540 Interest Expense 211 Accounts Payable 541 Depreciation Expense 231 Salaries Payable 559 Miscellaneous Expenses 250 Uneamed Revenue 910 Income Tax Expense 261 income Taxes Payable 912 Unrealized Holding Gain/Loss-Equity Securities EQUITY 311 Common Stock 331 Retained Eamings General Joumal instructions How does grading work? 2. What is the unrealized holding gain or loss, and where is it reported in the 2019 financial statements? At the end of December an unrealized holding of X is reported on the Feedback Check My Work The accounting for trading securities applies the most complete fair value measurement approach. Midwest Bank Score: 6/10 Partial Balance Sheet December 31, 2019 1 Current assets: 2 Investment in Equity Securities Points: 1.2/2