Intermediate, Inc. reached a point where the firm had extra cash to invest. During $2024,$ the firm added the following investments to its new portfolio. You got the information from the treasury area as shown below. Using that data, prepare all journal entries needed during $2024$ and on December $31,2024.$

What is the proper journal entry if$,$ on January $5,2025,$ the Investment in Walmart Common Stock becomes impaired, as $20\%$ of its value is deemed to be lowered and that value is other than temporary?

Investment Portfolio

Investment in Apple $10\%$ Bonds are Held$-$to$-$Maturity with a cost of $$945,000,$ market value of $$1,001,200,$ and a face value of $$1,000,000.$

Investment in Xerox Common Stock is a Trading Security at a cost of $$400,000$ with a market value of $$425,000.$

Investment in Walmart Common Stock are Available$-$for$-$sale at a cost of $$1,000,000,$ market value of $$1,130,000,$ and a face value of $$2,000,000.$

Investment in Chase $12\%$ Bonds are Available$-$for$-$sale at a cost of $$2,015,000,$ and a market value of $$2,325,000.$

Investment in AT&T Preferred Stock is Available$-$for$-$sale at cost of $$500,000$ and a market value of $$495,000.$