second time posting, incorrect answers given by first chegg expert.

LED Corporation owns $1,950,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available-for-sale. The market price of Branch's bonds fell by $1,400,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in OCI as a temporary unrealized loss in a prior period. LED views $960,000 of the $1,400,000 loss as related to credit losses, and the other $440,000 as noncredit losses. LED does not plan to sell the investment and does not think it is more likely than not that it will have to sell the investment before fair value recovers. What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income? General Effect Journal What journal entries should LED record to account for the decline in market value in the current period? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Debit Credit No General Journal 1,400,000 Loss on impairment (NI) 1 1 1,400,000 Credit loss expense 100,000 Fair value adjustment 2 2 100,000 Gain on investments (unrealized, OCI) Effect> Complete this question by entering your answers in the tabs below. General Journal Effect How should the decline affect net income and comprehensive income? (Negative Effect Income statement (1,400,000) $ Other comprehensive income 100,000 $ (1,300,000) Net effect on comprehensive income