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Buffalo Company in its first year of operations provides the following information related to one...

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Accounting

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Buffalo Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020. Amortized cost $50,600 Fair value 41,200 Expected credit losses 12,350 (a) What is the amount of the credit loss that Buffalo should report on this available-for-sale security at December 31, 2020? Amount of the credit loss $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Prepare the journal entry to record the credit loss, if any (and any other adjustment needed), at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit

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