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Hillsborough cor has an available for sale investment

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1. Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler Corp. with a carrying (and fair) value of $70,000. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $60,000. It is determined that this loss in value is other than-temporary. Prepare the journal entry, if any, to record the reduction in value. 

Reference no: EM131116143

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