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Prepare the journal entry to record the reduction in value

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Question - Novak Co. has a held-to-maturity investment in the bonds of Schuyler Corp. with a carrying value of $67,300. Novak determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $58,800. It is determined that this loss in value is uncollectible.

Required - Prepare the journal entry, if any, to record the reduction in value.

Reference no: EM132676954

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