You are the controller for Bizbeet Corporation, and a few days ago you provided a draft of this year's financial statements to the chief executive officer (CEO) of the company, Mr. Bizbee. You used the valuation approach while creating the balance sheet for the investments. You rode the elevator with him today, and he began to quiz you about how you reported the company's investments in debt and equity securities. He said to you, "When I took accounting in college, investment securities were reported at historical cost. I remember what we paid for some of our investments, and the numbers on the financial statements don't match those amounts! What's going on? Be in my office this afternoon to explain!" Using the South University Online Library or the Internet, research about the valuation approach. Based on your research and understanding, create a report for the CEO of the company that includes the following: • What is the Statement of Financial Accounting Standards (SFAS) pertaining to investment securities and how it is interpreted? • What are the benefits behind the valuation approach? • What are the required financial disclosures used with investment securities?