Rell Corporation reports under IFRS No. 9. Rell has an investment in Tirish, Inc. bonds the Rell accounts for at amortized cost, given that the bonds pay only interest and principal and Rell's business purpose is to hold the bonds to maturity. Rell purchased the bonds for 10,400,000. As of December 31, 2018, Rell calculates 794,000 of credit losses expected for default events occurring during 2019 and 490,000 of credit losses expected for default events occurring after 2019.

Required:

1. Assume the Tirish bonds have not had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018.

2. Assume the Tirish bonds have had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018.

3. Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2019, Rell calculates 690,000 of credit losses expected for default events occurring during 2020 and 390,000 of credit losses expected for default events occurring after 2020. Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2019.

Please help me solve for the debit and credit amount for Requirement 3.

Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 794,000 o Impairment loss-NI 794,000 Allowance for credit losses Required 1 Required 2 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 2Required 3 sume the Tirish bonds have had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field) No Credit Event General Journa Debit 1,284,000 Impairment loss-NI ,284,000 Allowance for credit losses K Required 1 Required 3 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2019, Rell calculates 690,000 of credit losses expected for default events occurring during 2020 and 390,000 of credit losses expected for default events occurring after 2020. Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less Credit Event General Journal No Debit 594,000 Allowance for credit losses Reversal of impairment loss-NI 998,000 Required 2 Required3 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 794,000 o Impairment loss-NI 794,000 Allowance for credit losses Required 1 Required 2 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 2Required 3 sume the Tirish bonds have had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field) No Credit Event General Journa Debit 1,284,000 Impairment loss-NI ,284,000 Allowance for credit losses K Required 1 Required 3 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2019, Rell calculates 690,000 of credit losses expected for default events occurring during 2020 and 390,000 of credit losses expected for default events occurring after 2020. Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less Credit Event General Journal No Debit 594,000 Allowance for credit losses Reversal of impairment loss-NI 998,000 Required 2 Required3