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Sweet Corporation has municipal bonds classified as a held-to-maturity at December 31, 2020. These bonds have a par value of $797,000, an amortized cost of
Sweet Corporation has municipal bonds classified as a held-to-maturity at December 31, 2020. These bonds have a par value of $797,000, an amortized cost of $797,000, and a fair value of $717,000. The company believes that impairment accounting is now appropriate for these bonds. (a) Prepare the journal entry to recognize the impairment.
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