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Financial Statement Effect of Equity Securities Presented below is a situation involving equity securities: An...

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Question

Accounting

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.

Instructions

Answer the following question.

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

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