Grand Champion Inc. purchased America's Best Corporation on January 1, Year 1. At the time, America's Best had the following assets and liabilities (stated at fair value): Grand Champion paid $900,000 for America's Best. Assume that America's Best is a reporting unit of Grand Champion. At the end of Year 2, America's Best has a fair value of $730,000 and a book value of $880,000, which includes any goodwill recorded. Of this fair value, $340,000 is attributable to identifiable assets net of (or identifiable net assets) liabilities. Required: 1. Calculate the impairment loss of goodwill (if any). 2. Record the appropriate journal entry. Chart Of Accounts 1. Calculate the impairment loss of goodwill (if any). 2. Record the appropriate journal entry on December 31, Year 2. General Journal Instructions