Hillsborc$$ugh Co$.$ has a held$-$to$-$maturity investment in the bonds of Schuyler Corp. with a carrying value of $$70,000.$ Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $$60,000.$ It is determined that this loss in value is uncollectible.

Prepare the journal entry, if any, to record the reduction in value. $($List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Loss on Impairment $$

Allowance for Doubtful Accounts

$$Fix red