Homework Answers
Solution:
| Date | Accounts Titles | Debit | Credit |
| Sep 30 | Loss on impairment a/c Dr | $15,520 | |
| To Maturity Debt securities a/c | $15,520 |
*38500 - 22980 = $15,520
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Sunland Corporation has municipal bonds classified as a
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appropriate for these bonds.
Prepare the journal entry to recognize the impairment.
(Credit account titles 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...
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