poration purchased $1,050,000 of Taylor Company 5% bonds, at their face amount, with ne onds until they matured in 2028, so Bloom classifies its investment as AFS. Unfortunately, a mpany and in the debt securities market caused the fair value of the Taylor investment to de wing are the two alternative scenarios that should be analyzed independent of each other. m now believes it is more likely than not that it will have to sell the Taylor bonds before the fair value. Of the $410,000 decline in fair value, Bloom attributes $255,000 to credit losses es. m does not plan to sell the Taylor bonds prior to maturity, and does not believe it is more lik the Taylor bonds before the bonds have a chance to recover their fair value. Of the $410,00 butes $255,000 to credit losses, and $155,000 to noncredit losses. re appropriate entry(s) at December 31, 2024 te how the scenario will affect the 2024 income statement, OCI, and comprehensive incom appropriate entry(s) at December 31, 2024. Assume that, at the end of 2023, Bloom had re on the Taylor investment. Answer is not complete. ppropriate entry(s) at December 31, 2024. Assume that, at the end of 2023, Bloom had recorded an un 00 on the Taylor investment. o entry is required for a transaction/event, select "No journal entry required" in the first account field. Event 1a General Journal Loss on impairment (NI) Discount on bond investment 1b Fair value adjustment Reclassification adjustment (OCI) 2a Credit loss expense Allowance for credit losses 2b Loss on investments (unrealized, OCI) Fair value adjustment < Req 1B Debit Cr 410,000 410 102,500 102 255,000 255 155,000X 155