Question 6 of 7 0.72/1 View Policies Show Attempt History Current Attempt in Progress Sunland Company has the following investments as of December 31, 2020: Investments in common stock of Laser Company Investment in debt securities of Four Square Company $1.540.000 $3.580.000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2020. Sunland's stock investments does not result in significant influence on the operations of Laser Company, Sunland's debt investment is considered held-to-maturity. At December 31, 2021. the shares in Laser Company are valued at $1.110,000: the debt investment securities of FourSquare are valued at $2.730,000 and are considered impaired. Your answer is partially correct Prepare the journal entry to record the impairment of the debt securities at December 31, 2021. (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 the amount Your answer is partially correct. Prepare the journal entry to record the impairment of the debt securities at December 31, 2021. (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 for the amounts.) Debit Credit Account Titles and Explanation Date Dec. 31. 2021 850000 850000 e Textbook and Media List of Accounts Accounong Assuming the fair value of the Laser shares is $1,410,000 and the value of its debt investment is $3.210,000, what entries.it any, should be recorded in 2022 related to 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 for the amounts.) Question Accounting Account Tities and Explanation Debit Credit Date Dec 31 2022 Question Accounting Loss on Impairment 300000 Equity Investments 300000 Question 5 e Textbook and Media Viewing ou List of Accounts Your answer is partially correct. Assume that the debt investment in Four Square Company was available-for-sale and the expected credit loss was $950.000, Prepare the journal entry to record this impairment on December 31, 2021. (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 for the amounts:) Debit Credit Account Titles and Explanation Los on Salontents 3.50000 to Douth Account e Textbook and Media Assistance Used List of Accounts List of Accounts Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Allowance to Reduce Inventory to Market Bad Debt Expense Bonds Payable Cash Call Option Common Stock Cost of Goods Sold Debt Investments Dividend Raman o Question 6 of 7 Debt Investments Dividend Revenue Dividend Receivable Equity Investments Fair Value Adjustment Futures Contract Gain on Sale of Investments Gain on Settlement of Call Option Gain on Settlement of Put Option Interest Expense Interest Receivable Interest Revenue o Inventory Investment Income Loss on Impairment Loss on Sale of Investments Loss on Settlement of Call Option Loss on Settlement of Put Option No Entry Notes Payable Paid-in Capital in Excess of Par - Common Stock Put Option Recovery of Loss from Impairment Retained Earnings Recovery of Loss from Impairment Retained Earnings Revenue from Investment Sales Revenue Swap Contract Unrealized Holding Gain or Loss - Equity Unrealized Holding Gain or loss -Income Save for Later Last saved 1 minutes ago Attempts: 2