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Financial Statement Effect of Equity Securities Presented below is a situation involving equity securities: An equity security, whose fair value is currently less than cost,

Financial Statement Effect of Equity Securities

Presented below is a situation involving equity securities:

An equity security, whose fair value is currently less than cost, is classified as available for sale but is to be reclassified as trading.

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Answer the following question.

What is the effect upon carrying value and earnings for the scenario presented?

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