Kennedy elected to use the Fair Value Option on one security purchased during 2017. The security was purchased for $15,000 on June 1, and had a fair value of $16,000 on December 31. Kennedy made the following entry on December 31 Fair Value Adjustment $1,000 Unrealized Holding Gain or LOSSFquity $1.000 Indicate how this transaction would effect each of the following using the following coding 0 - Overstated: U-Understated: NE - No Effect Assets Liabilities Total Equity Net Income NE NE NE U NE U U oll Z NE NE NE NE NE O O o None of these answers are correct