LED Corporation owns $1,400,000 of Branch Pharmaceuticals bonds and classifies its investment as securities held to maturity. The market price of Branchs bonds fell by $532,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. LED views $220,000 of the $532,000 loss as related to credit losses, and the other $312,000 as noncredit losses. LED thinks it is more likely than not that it will have to sell the investment before fair value recovers. What journal entries should LED record to account for any credit or noncredit losses in the current period? How should the decline affect net income and comprehensive income? Answer is not complete. Complete this question by entering your answ rs in the tabs below. General Journal Effect What journal entries should LED record to account for any credit or noncredit losses in the current period? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit 1 1 Credit loss expense 312,000 Allowance for credit losses 312,000