siructions At the beginning of 2019, Ace Company had the following portfolio of investments in available-for-sale debt securities (al of which were acquired at per valve Security A Cost $50,000 1/1/10 Fair Value B 75,000 Totals $125,000 $63.000 71,000 $134,000 During 2018, the following transactions occurred Transactions: Purchased C debt securities at their par value for $55,000. May . July 1 Sold all of the A securities for $63,000 plus interest of $1,000 Dec 31 Received interest of $700 on the B and C securities. Adotionally the following information was available Security 1201/19 Fair Value B C $82,000 58,000 Required: 1. Prepare journal entries to record the preceding information 2. What is the balance in the Unwealized Holding Gaintoss 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?