At the end of 2021, 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 $480,000. The fair value of the Old Master reporting unit is $400,000. Magilke has collected the following information related to the company's intangible assets.

Intangible Asset

Expected Cash Flows

(undiscounted)

Fair Values

Trade names$15,900$5,300Copyrights53,00048,000

journal entries required, if any, to record impairments on Shamrock intangible assets. (Assume that any amortization for 2021 has been recorded.)

Account Titles and Explanation

Debit

Credit