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