Hillsborough Co. has a held-for-collection investment in the bonds of Schuyler Corp. with a carrying (and fair) value of $70,000. Hillsborough determined that due to poor economic prospects for Schuyler, Hillsborough will not be able to collect all contractual cash flows and the bonds have decreased in value to $60,000. It is determined that this is a permanent loss in value. Prepare the journal entry, if any, to record the reduction in value.