$2.($a$)$ Using the T$-$accounts below, show what happens to Reserves and Securities when the Fed conducts an open market PURCHASE of $\backslash (\backslash$$ $3\backslash )$ million of bonds from the First National Bank. Enter $($TYPE$)$ the changes on the T$-$account below. Use $+$ or$-$to indicate if the balance of Reserves and Securities is increasing or decreasing and by what amount. $(1$ point$)$

$($b$)$ After this $3$ million bond purchase, what will have happened to the level of checkable deposits once the banking system is in equilibrium, assuming a reserve requirement of $10\backslash \%?$ An explanation only is needed. There is no need to show the final balance sheet. $(2$ points$)$