Baker Company acquired Pastry Company and recorded goodwill in the amount of $225,000 on January 1, 2014. Due to changes in the economy, on December 31, 2016, Baker has to review goodwill for impairment. The reporting unit, Pastry, has a book value of $650,000 including goodwill. Baker estimates that the fair value of Pastry is $375,000, of which $200,000 is allocated to its identifiable assets and liabilities. Prepare the journal entry for Baker to record the impairment (if any) of the goodwill. Be sure to show all your work and steps for testing for impairment!