Exercise 17-18 Whispering Corporation has municipal bonds classified as a held-to-maturity at December 31, 2017. These bonds have a par value of $781,000, an amortized cost of $781,000, and a fair value of $709,000. The company believes that impairment accounting is now appropriate for these bonds. Prepare the journal entry to recognize the impairment. (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 O for the amounts.) Account Titles and Explanation Debit Credit To record the impairment.) SHOW LIST OF ACCOUNTS LINK TO TEXT What is the new cost basis of the municipal bonds? New cost basis of the municipal bonds Given that the maturity value of the bonds is $781,0o0, should Whispering Corporation amortize the difference between the carrying amount and the maturity value over the life of the bonds