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Prepare the journal entry to recognize the impairment

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Question - Sheffield Corporation has municipal bonds classified as a held-to-maturity at December 31, 2017. These bonds have a par value of $766,000, an amortized cost of $766,000, and a fair value of $688,000. The company believes that impairment accounting is now appropriate for these bonds.

Prepare the journal entry to recognize the impairment.

Reference no: EM131894194

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