Booker bond, originally purchased for $533,685. At the end of the first year, the gross carrying amount
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Question:
Booker bond, originally purchased for $533,685. At the end of the first year, the gross carrying amount is $530,609 and a related allowance of $6,000. It is now determined that there has been a significant change in the credit risk and the expected credit losses for the lifetime of the investment are estimated to be $21,000. The entry would include:
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