Atlanta Inc. holds an HTM bond investment in Falcons Corporation. The carrying value of the investment is $140,500 on December 31, 2020. Atlanta Inc. determines the present value of the amounts expected to be collected under the debt contract under the CECL model to be $120,000. a. Record the impairment loss on December 31, 2020. Date Account Name Dr. Cr. Dec. 31, 2020 Loss on impairment Allowance for Credit Losses b. Assume that Atlanta Inc. holds the HTM bond investment in Falcons Corporation on December 31, 2021. Record the adjusting entry if the present value of the amounts expected to be collected under the debt contract under the CECL model is now estimated to be $130,000. Date Account Name Dr. Cr. Dec 31. 2020 Alowance for Credit Losses Recovery of Less on Impairment