P17.9 (LO 2) (Financial Statement Presentation of Equity Investments) Kennedy Company has the following portfolio of trading investments at December 31, 2022. anoni Investment Frank, Inc. Ellis Corp. Quantity 2,000 shares Percent Interest Per Share Cost Market binaw woll d 8% $11 $16 5,000 shares 14% 23 19 4,000 shares 2% 31 24 (203) 1 WibliW To arom Mendota Company On December 31, 2023, Kennedy's portfolio of trading investments consisted of the following investments. Percent Investment 000 Ellis Corp. abnud Quantity 5,000 shares Interest Cost Per Share Market 14% $23 $28 Mendota Company I vlul no 4,000 shares 2% 31 OUT 23 Mendota Company 2,000 shares 1% 25 23 At the end of year 2023, 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, 2022, statement of financial position relative to these equity investments? b. What should be reported on the face of Kennedy's December 31, 2023, statement of financial posi- tion relative to the trading investments? What should be reported to reflect the transactions above in Kennedy's 2023 income statement