On September 30, Franz Corporation notices a decline in value of its investment in held-to-maturity bonds that

Question:

On September 30, Franz notices a decline in value of its investment in held-to-maturity bonds that it believes to be other than temporary. On that date the carrying value of the stock is $38,500 and the fair value is $22,980.
Prepare the journal entry to record the impairment.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...