U.S. GAAP and IFRS require firms to account for debt securities held-to-maturity that are deemed to be impaired. The investor recognizes (debits) _____ and reduces (credits) _____
a. an impairment loss (included in other comprehensive income); the balance sheet carrying value of the investment
b. the balance sheet carrying value of the investment; an impairment loss (included in other comprehensive income)
c. the balance sheet carrying value of the investment; an impairment loss (included in net income)
d. an impairment loss (included in net income); the balance sheet carrying value of the investment
e. reserve for impairment loss (included in other comprehensive income); the balance sheet reserve for net realizable value of investments
D
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