Sheridan Corporation has municipal bonds classified as a held-to-maturity at December 31, 2017. These bonds have a par value of $721,000, an amortized cost of $721,000. and a fair value of $636,000. The company believes that impairment accounts is now appropriate for these bonds. Prepare the journal entry to recognize the impairment. (Credit account tiling 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.) Wat is the new cost bass of the municipal bonds? New cost basis of the municipal bonds $ Given that the maturity value of the bonds is $721,000, should Sheridan Corporation amortize the difference between the carrying amount and the maturity value over the life of the bonds