Kennedy Company has the following portfolio of trading investments at December 31, 2010.

On December 31, 2011, Kennedy€™s portfolio of equity investments consisted of the following investments.

At the end of year 2011, Kennedy Company changed the classification of its investment in Frank, Inc. to non-trading when the shares were selling for $8 per share.

Instructions
(a) What should be reported on Kennedy€™s December 31, 2010, statement of financial position relative to these equity investments?
(b) What should be reported on the face of Kennedy€™s December 31, 2011, statement of financial position relative to the equity investments? What should be reported to reflect the transactions above in Kennedy€™s 2011 incomestatement?

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Per Share Investment Frank, Inc Ellis Corp Mendota Company Quantity 2,000 shares 5,000 shares 4,000 shares Percent Interest 8% 14% 2% Cost $11 23 31 Market $16 19 24 Per Share Investment Ellis Corp Mendota Company Mendota Company Quantity 5,000 shares 4,000 shares 2,000 shares Percent Interest 14% 2% 1% Cost $23 31 25 Market $28 23 23