Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler with a carrying (and fair) value of $ 85,540. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $ 59,710. It is determined that this loss in value is other-than temporary. Prepare the journal entry, if any, to record the reduction in value.
Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler with a carrying (and fair) value of $90,220. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $58,450. It is determined that this loss in value is other-than temporary. Prepare the journal entry, if any, to record the reduction in value.
