Windsor Corporation has municipal bonds classified as a held$-$to$-$maturity at December $31,2025.$ These bonds have a par value of $$767,000,$ an amortized cost of $$767,000,$ and a fair value of $$689,000.$ The company believes that impairment accounting is now appropriate for these bonds.

$($a$)$

Prepare the journal entry to recognize the impairment.

$($b$)$

What is the new carrying value of the municipal bonds?

New carrying value

Given that the maturity value of the bonds is $$767\mathrm{.}000,$ should Windsor Corporation amortize the difference between the carrying amount and the maturity value over the life of the bonds?