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Liang Corporation purchased $100,000 of Hales Inc. 6% bonds at par in 2020 with the intent and ability to hold the bonds until the bonds mature in 2025, so Liang classifies its investment as held-to-maturity. Unfortunately, a combination of problems at Hales and in the debt market caused the fair value of the Hales investment to decline to $70,000 during 2021. When Liang applies the CECL model to account for its investment it calculates that, of the $30,000 drop in fair value, $10,000 of it relates to credit losses for amounts not expected to be collected. Liang's accounting for this impairment will reduce before-tax net income for 2021 by: Multiple Choice $0 $10,000. $20,000 $30,000