Give me answer within 45 min plz I will give positive rating immediately.... Wang Corporation purchased$280,000 of Hales Inc. 7% bonds atpar in 2020 with the intent and abilityto hold the bonds until the bondsmature in 2025, so Wang classifies itsinvestment as held-to-maturity.Unfortunately, a combination ofproblems at Hales and in the debtmarket caused the fair value of theHales investment to decline to$231,000 during 2021. Wang appliesthe CECL model to account for itsinvestment and calculates that, of the$49,000 drop in fair value, $17,000 ofit relates to credit losses for amountsnot expected to be collected, and the$32,000 remainder relates tononcredit losses. Wang's accountingfor this impairment will reducebefore-tax net income for 2021 by: OOOO$17,000.$49,000.$32,000.$0.

Current investments are the investments held for a short period of time that is., for the period of…

$231,000 during 2021. Wang applies the CECL model to account for its investment and calculates that, of the $49,000 drop in fair value, $17,000 of it relates to credit losses for amounts not expected to be collected, and the $32,000 remainder relates to noncredit losses. Wang's accounting for this impairment will reduce before-tax net income for 2021 by:

$231,000 during 2021. Wang applies the CECL model to account for its investment and calculates that, of the $49,000 drop in fair value, $17,000 of it relates to credit losses for amounts not expected to be collected, and the $32,000 remainder relates to noncredit losses. Wang's accounting for this impairment will reduce before-tax net income for 2021 by:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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