Question 7 of 11\

(0.17)/(1)

\ View Policies\ Show Attempt History\ Current Attempt in Progress\ Cullumber Corporation has municipal bonds classified as a held-to-maturity at December 31,2025. These bonds have a par value of

$837,000

, an amortized cost of

$837,000

, and a fair value of

$752,000

. The company believes that impairment accounting is now appropriate for these bonds.\ (a)\ Your answer is partially correct.\ Prepare the journal entry to recognize the impairment. (List debit entry before credit entry. 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 0 for the amounts.)\ Account Titles and Explanation\ Debit\ Credit\ impal\ Loss on Impairment\ Recovery of Loss from Impairment\ eTextbook and Media\ List of Accounts\ Attempts: 1 of 3 used\ (b)\ The parts of this question must be completed in order. This part will be available when you complete the part above.

Cullumber Corporation has municipal bonds classified as a held-to-maturity at December 31,2025. These bonds have a par value of $837,000, an amortized cost of $837,000, and a fair value of $752,000. The company believes that impairment accounting is now appropriate for these bonds. (a) Your answer is partially correct. Prepare the journal entry to recognize the impairment. (List debit entry before credit entry. 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 0 for the amounts.) eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above