LED Corporation owns $1,000,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available for sale. The market price of Branch's bonds fell by $450,000 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 OC as a temporary unrealized loss in a prior period LED views $200 000 of the $450,000 loss as related to credit losses, and the other $250,000 as monicredit losses. LED thinks it is more likely than not that it will have to sell the investment before fair value recovers. The assumption that LED Corporation used the AFS Credit Loss Model introduced in ASU 2016 13 and required after 2020 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? Complete this question by entering your answers in the tabs below. General Journal Effect What journal entries should LED record to account for the dedine in market value in the current period? If no entry is required for a transactior/event, select No journal entry.gured in the first account field.) View transaction list Journal entry worksheet Record the entry for raclassification adjustment. Note des before rets Event General Journal Debit Credit View general joumal Record entry Clear entry Efect>