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Ivanhoe Co. has a held-to-maturity investment in the bonds of Schuyler Corp. with a carrying...

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Accounting

Ivanhoe Co. has a held-to-maturity investment in the bonds of Schuyler Corp. with a carrying value of $72,100. Ivanhoe determined
that due to poor economic prospects for Schuyler, the bonds have decreased in value to $63,700. It is determined that this loss in value
is uncollectible.
Prepare the journal entry, if any, to record the reduction in value. (List debit entry before credit entry. 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 0 for the
amounts.)
Account Titles and Explanation
Debit
Credit
Loss on Impairment (wrong)|
Debt Investments
image

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