LED Corporation owns $$1,500,000$ of Branch Pharmaceuticals bonds and classifies its investment as securities available$-$for$-$sale. The market price of Branch$$s bonds fell by $$950,000$ due to concerns about one of the company$$s principal drugs. The concerns were justified when the FDA banned the drug. $$100,000$ of that decline in value already had been included in OCI as a temporary unrealized loss in a prior period. LED views $$600,000$ of the $$950,000$ loss as related to credit losses, and the other $$350,000$ 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?