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You have been asked to prepare the disclosures for your company's investments. In accumulating the information, you find holdings of 10,000 shares of General Motors Corp. preferred stock purchased for $30 per share. It traded yesterday at $29.00 per share. In addition, you identify $100,000 in Series D Bonds from Apple with an interest rate of 1.55%. The company also holds a 35% interest in Temple Holdings, a joint venture with passive ownership. It originally invested $200,000. Required - Under Fair Value Accounting Principles: (in detail -- be specific using definitions) 1) Describe how you would value the GM preferred stock and whether it would be classified as a Level 1, 2, or 3 asset. 2) Describe how you would value the Apple bonds. The Series D bonds generally trade with a low volume, though the Series C bonds have the same interest rate and term with good volume. Describe how you would value the bonds and if you would classify them as Level 1, 2, or 3 holdings. 3) Describe how you would value the partnership interest. Would it be classified as Level 1, 2 or 3 and why? You have been asked to prepare the disclosures for your company's investments. In accumulating the information, you find holdings of 10,000 shares of General Motors Corp. preferred stock purchased for $30 per share. It traded yesterday at $29.00 per share. In addition, you identify $100,000 in Series D Bonds from Apple with an interest rate of 1.55%. The company also holds a 35% interest in Temple Holdings, a joint venture with passive ownership. It originally invested $200,000. Required - Under Fair Value Accounting Principles: (in detail -- be specific using definitions) 1) Describe how you would value the GM preferred stock and whether it would be classified as a Level 1, 2, or 3 asset. 2) Describe how you would value the Apple bonds. The Series D bonds generally trade with a low volume, though the Series C bonds have the same interest rate and term with good volume. Describe how you would value the bonds and if you would classify them as Level 1, 2, or 3 holdings. 3) Describe how you would value the partnership interest. Would it be classified as Level 1, 2 or 3 and why