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Question - Florimell Corporation has government bonds classified as held-for-collection at December 31, 2015. These bonds have a par value of $600,000, an amortized cost of $600,000, and a fair value of $555,000. In evaluating the bonds, Florimell determines the bonds have a $45,000 permanent decline in value. That is, the company believes that impairment accounting is now appropriate for these bonds.
Required -
1. Prepare the journal entry to recognize the impairment.
2. At December 31, 2016, the fair value of the municipal bonds is $570,000. Prepare the entry (if any) to record this information.
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