At the end of 2018, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. Its book value is now $490,000. The fair value of the Old Master reporting unit is $410,000. The implied value of goodwill is $70,000. Magilke has collected the following information related to the companys intangible assets. Intangible Asset Expected Cash Flows (undiscounted) Fair Values Trade names $18,900 $6,300 Copyrights 63,000 58,000 Prepare the journal entries required, if any, to record impairments on Metlock intangible assets. (Assume that any amortization for 2018 has been recorded.)