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Nichols Corporation purchased $130,000 of Holly Inc. 7% bonds at par with the intent and ability to hold the bonds until they matured in 2020, so Nichols classifies its investment as held to maturity. Unfortunately, a combination of problems at Holly and in the debt market caused the fair value of the Holly investment to decline to $99,000 during 2016. Nichols calculates that, of the $31,000 decrease in fair value, $14,000 of it relates to credit losses and $17,000 relates to noncredit losses.
Assume that Nichols concludes that the Holly bonds are other-than-temporarily impaired because Nichols believes it is more likely than not that it will have to sell the Holly bonds before the bonds have a chance to recover their fair value. Before-tax net income for 2016 will be reduced by
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