Harmony Resorts Inc. owns and manages resort properties. On January 15, 2008, one of its properties was found to be adjacent to a toxic chemical disposal site. As a result of the negative publicity, this property's bookings dropped \(40 \%\) during 2008. On December 31, 2008, the accounts of the company showed the following details regarding the impaired property:

Management decides that closing the resort is the only option. As a result, it is estimated that the buildings and improvements will be written off completely. The land can be sold for other uses for \(\$ 17\) million, while the equipment can be disposed of for \(\$ 6\) million, net of disposal costs.

a. Provide the journal entry to record the asset impairment on December 31, 2008.

b. Provide the note disclosure for the impairment.obj. 5

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Land Buildings and improvements (net) Equipment (net) Total $ 30,000,000 120,000,000 25,000,000 $175,000,000