Presented below are three unrelated situations involving equity securities.

Situation 1
An equity security, whose fair value is currently less than cost, is classified as available-for-sale but is to be reclassified as trading.

Situation 2
A noncurrent portfolio with an aggregate fair value in excess of cost includes one particular security whose fair value has declined to less than one-half of the original cost. The decline in value is considered to be other than temporary.

Situation 3
The portfolio of trading securities has a cost in excess of fair value of $13,500. The available for-sale portfolio has a fair value in excess of cost of $28,600.

Instructions
What is the effect upon carrying value and earnings for each of the situations above?