Recording Entries for Impairment of Investments-HTM Atlanta Inc. holds an HTM bond investment in Falcons Corporation. The carrying value of the investment is $224,800 on December 31, 2020. Atlanta Inc. determines the present value of the amounts expected to be collected under the debt contract under the CECL model to be $192,000. a. Record the impairment loss on December 31, 2020. Account Name Dec 31, 2020 Loss on Impairment 36,400 x Allowance for Credit Losses 36,400 x Date Dr. Cr. 0 b. Assume that Atlanta Inc. holds the HTM bond investment in Falcons Corporation on December 31, 2021. Record the adjusting entry if the present value of the amounts expected to be collected under the debt contract under the CECL model is now estimated to be $208,000. Date Account Name Cr. Dec 31, 2020 Allowance for Credit Losses 16,000 Recovery of Loss on Impairment 16,000 Dr. 0 Check