Grand Champion Inc. purchased America's Sweethearts Corporation on January 1, 2019. At the time, America's Sweethearts had the following assets and liabilities (stated at fair value): Cash Accounts receivable $62,000 138,000 Inventory 185,000 Property, plant, and equipment 300,000 Patent 65,000 200,000 325,000 Accounts payable. Notes payable Grand Champion paid $900,000 for America's Sweethearts. Assume that America's Sweethearts is a reporting unit of Grand Champion. At the end of 2020, America's Sweethearts has a fair value of $720,000 and a book value of $850,000, which includes any goodwill recorded. Of this fair value, $350,000 is attributable to identifiable assets net of (or identifiable net assets) liabilities. Required: Calculate the impairment loss of goodwill (if any) and record the appropriate journal entry 1. Calculate the impairment loss of goodwill (if any). $ 1 2 DATE Dec. 31 Goodwill ACCOUNT TITLE POST. REF. DEBIT Impairment Loss on Goodwill 305,000.00 CREDIT 305,000.00