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Accounting Principles - ACCT 222 - Summer Session I Writing -e [A] You are interning with Ferry and Jerry, Industries. For the past several years, the company has built a rather large investment portfolio of debt and equity securities. It has been determined that at December 31, 2019, the cost of the total portfolio is less that its fair value. Individually, however, some securities have increase in value while others have decreased. It is now time to determine how the portfolio should be reported on the December 31, 2018 balance sheet. Your supervisor, Janett Vreeland, indicates that those securities have increased in value should be classified as trading securities. Alternative, she wants to classify the securities that have decreased in value as long-term available-for-sale securities. Ronald Lang, the CFO, says that classifying the securities that have decreased in value as trading securities and those that have increased in value as long-term available-for-sale securities is the correct approach. Lang's argument is that since Ferry and Jerry, Industries is having a very good year, recognizing losses now will make income look smoother. For future consideration, built-in gains will be there in case the company is not so profitable. You are asked to express your opinion/recommendation as to how the portfolio should be reported on the balance sheet. Both Vreeland and Lang agree that since you are up-to-date on the latest accounting rules, you are the best person to resolve their conflict. Write a letter addressed to both individuals, Janett Vreeland and Ronald Lang. Your letter should recommend the proper approach for reporting the portfolio on the balance sheet. From an ethical standpoint, you should also express what is good and what is not good about the argument of both parties. From an accounting standpoint, you should express what I good and what is not good about the argument of both parties