Big Popi Oil uses the successful efforts method of accounting. BP has identified three asset groups with capitalized costs as of year-end 20x1 as follows:

	Property A	Property B	Property C
Net capitalized costs	$600,000	$540,000	$540,000
Expected undiscounted future net cash flows	550,000	600,000	520,000
Fair value (discounted future net cash flows)	450,000	540,000	500,000

BP is sad because certain income tax incentives were removed, new taxes were created, operating costs have tripled, and oil prices have tanked during the last quarter of the year.

Required: If necessary, test the assets for impairment, measure the impairment, if any, and make any journal entries required.