Case Northern Energy Ltd. Northern Energy Limited (NEL) is a large Canadian private company organized in three operating segments: propane operations, trucking, and mineral explorations. Financial statements have not been audited, and NHL has simply used the cost method for its investments. NEL is now considering issuing debt in a public offering, which would mean the adoption of IFRS for investment accounting. You, a public accountant, consulted on reporting issues, have been asked to prepare a report for circulation to the Board of Directors and shareholders, to help them understand the implications of this potential shift. They specifically wish to understand what financial statement elements might change with revised investment reporting. Investments reported on the 20x6 statement of financial position: Net Book Accounting Value (in Investment Method thousands) Nico Ltd, Common Shares Cost 416.3 Canner Limited, 5% nonvoting preferred shares Cost 174 Later Corp, Common shares Cost 675.3 Placement Resources Corp, Common shares Cost 455.2 Amortized Trufeld Trucking Ltd, 8% Bonds Cost 266.8 Lu Truckin_, Common shares Cost 45.8 Additional Information is contained in Exhibit 1 on the following pages. Required: Prepare the report