(Answered) Moontake corporation holds a 250000 note receivable from

Accounting

Moontake Corporation holds a $250,000 note receivable from Golden Company. Based on present value computations, it now appears that the Golden Company note is impaired and that Golden will only be able to pay back 87% of the principal at maturity.

Prepare the journal entry for Moontake to record the impairment.

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