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Bridgeport Corporation purchased Metlock Company 3 years ago and at that time recorded goodwill of $310,000. The Metlock Divisions net assets, including the goodwill, have

Bridgeport Corporation purchased Metlock Company 3 years ago and at that time recorded goodwill of $310,000. The Metlock Divisions net assets, including the goodwill, have a carrying amount of $620,000. The fair value of the division is estimated to be $830,000. Prepare Bridgeports' journal entry, if necessary, to record impairment of the goodwill.

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