Presented below are three unrelated situations involving equity securities:
An equity security, whose market value is currently less than cost, is classified as available-for-sale but is to be reclassified as trading.
A noncurrent portfolio with an aggregate market value in excess of cost included one particular security whose market value has declined to be less than one-half of the original cost. The decline in value is considered to be other than temporary.
What is the effect upon carrying value and earnings for each of the situations above?