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Headland Company has the following investments as of December 31, 2017: Investments in common stock...

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Accounting

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Headland Company has the following investments as of December 31, 2017: Investments in common stock of Laser Companty Investment in debt securities of FourSquare Company $1,350,000 $3,280,000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2017. Headland's stock investments does not result in significant influence on the operations of Laser Company. Headland's debt investment is considered held-to-maturity. At December 31, 2018, the shares in Laser Company are valued at $890,000; the debt investment securities of FourSquare are valued at $2,460,000. Assume that these investments are considered impaired Prepare the journal entries for these two securities at December 31, 2018, assuming that they are permanently impaired. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2018 Loss on Impairment Equity Investments (Entry for investments in Laser Company) Loss on Impairment Debt Investments (Entry for of investments in FourSquare Company)

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