Blue Spruce Golf and Sports was formed on July 1, 2020, when Steve Powerdriver purchased Oid Master Golf Corporation. Old Master provides video golf instruction at kiosks in shopping malls. Powerdriver's plan is to make the instruction business part of his golf equipment and accessory stores. Powerdriver paid $650,000 cash for Old Master. At the time of purchase, Old Master's statement of financial position reported assets of $550,000 and liabilities of $100,000 (shareholders' equity was $450,000 ). The fair value of Old Master's identifiable assets was estimated to be $700,000. Included in the identifiable assets was the Old Master trade name with a fair value of $13,720 and a copyright on some instructional books with a fair value of $25,000. The trade name had a remaining legal life of five years and can be renewed indefinitely at nominal cost. The copyright had a remaining life of 40 years. Assume that Blue Spruce Golf and Sports is a public company. The relevant information for the impairment test on December 31 . 2022, is as follows: Provide any associated journal entry for the impairment test. (Credit account tities are outomatically indented when the amount is entered. Do not indent manually.)