Rell Corporation reports under IFRS No. 9. Rell has an investment in Tirish, Inc. bonds the Rell accounts for at amortized cost, given that the bonds pay only interest and principal and Rell's business purpose is to hold the bonds to maturity. Rell purchased the bonds for 10,400,000. As of December 31, 2018, Rell calculates 794,000 of credit losses expected for default events occurring during 2019 and 490,000 of credit losses expected for default events occurring after 2019.

Required:

1. Assume the Tirish bonds have not had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018.

2. Assume the Tirish bonds have had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018.

3. Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2019, Rell calculates 690,000 of credit losses expected for default events occurring during 2020 and 390,000 of credit losses expected for default events occurring after 2020. Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2019.

Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Event General Journal Debit Credit No 794,000 Impairment loss-I 94,000 nvestment in bonds Required 1 Required 2> Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Assume the Tirish bonds have had a significant increase in credit risk. Prepare the journal entry to record any impairment loss s of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Debit Event General Journal Credit 1,284,000 Impairment loss-NI 1,284,000 Required 3 K Required 1 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2019, Rell calculates 690,000 of credit losses expected for default events occurring during 2020 and 390,000 of credit losses expected for default events occurring after 2020. Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Event General Journal Debit Credit 690,000 Impairment loss-NI 690,000 Required 2 Required 3 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Event General Journal Debit Credit No 794,000 Impairment loss-I 94,000 nvestment in bonds Required 1 Required 2> Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Assume the Tirish bonds have had a significant increase in credit risk. Prepare the journal entry to record any impairment loss s of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Debit Event General Journal Credit 1,284,000 Impairment loss-NI 1,284,000 Required 3 K Required 1 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2019, Rell calculates 690,000 of credit losses expected for default events occurring during 2020 and 390,000 of credit losses expected for default events occurring after 2020. Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Event General Journal Debit Credit 690,000 Impairment loss-NI 690,000 Required 2 Required 3