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Instructions Chart of Accounts General Journal Income Statement Balance Sheet Instructions Southeast Bank invests in equity securities and prepares quarterly financial statements. At the beginning of the fourth quarter of 2019, the bank held as an investment in equity securities 280 shares of Eglan Company common stock that originally cost $7,280. At that time, these securities had a fair value of $7,000. During the fourth quarter, the bank engaged in the following transactions: Oct. 26 Nov. 26 Purchased 360 shares of Farrell Company common stock for $39 per share. Sold 280 shares of Eglan common stock for $24 per share. Purchased 360 shares of Gray Company common stock for $41 per share. Dec. 10 On December 31, 2019, the quoted market prices of the shares were as follows: Eglan Company, $51 per share; Farrell Company, $42 per share, and Gray Company, $39 per share. Required: 1. Prepare journal entries to record the preceding information for the fourth quarter. 2. Show what the bank reports on its fourth quarter 2019 income statement for these equity securities. 3. Show how the bank reports this investment in equity securities on its balance sheet at the end of the fourth quarter of 2019. 4. Next Level What justification does the FASB give for its treatment of unrealized holding gains and losses for trading securities