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Franz Corporation notices a decline in value of its investment in held-to-maturity bonds

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On September 30, Franz Corporation notices a decline in value of its investment in held-to-maturity bonds that it believes to be other than temporary. On that date, the carrying value of the bonds is $38,500 and the fair value is $22,980.

Required:

Prepare the journal entry to record the impairment.

 
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