ACG 3141 – Honors Compact – Investments B&L, Inc., located at 3200 College Avenue, Davie FL 33314, is a publicly traded firm that offers various business services. In 2019, it started offering financial services. As of December 31, 2019, B&L’s fiscal year-end, it held three investments totaling $70 million, an amount it considers material. Details regarding the breakdown of these investments are listed below. B&L is your clientand Warren Gordon is the President of B&L. You are a newly hired staff member of FAU, Inc., an accounting firm located at 777 Glades Road, Boca Raton, FL 33431. Because Mr. Gordon is unfamiliar with the proper accounting treatment regarding investments in debt and equity securities according to United States Generally Accepted Accounting Principles (US GAAP), he has hired FAU, Inc. to explain the accounting treatments specified by US GAAP. Your firm has delegated to you the task of determining the treatment of investments as of December 31, 2019, and has asked that you prepare a letterof a maximum of four pages. The letter must be typed (not handwritten, 1.5 spacing -- not double spaced), including a works cited page (the 4thor last page of your letter should be designated as the works cited page; use APA style references for your works cited page) to the client explaining: 1.The standards that govern US GAAP treatment of investments, comprehensive income, and other comprehensive income.