Grand Champion Inc. purchased America's Sweethearts Corporation on January 1, 2019. At the time, Americas Sweethearts had the following assets and liabilities (slated at fair value): Cash S63,000 Accounts receivable 142.000 190,000 300,000 Inventory Property, plant, and equipment Patent Accounts payable Noles payable 220.000 325,000 Grand Champion paid S900,000 for America's Sweethearts. Assume that America's Sweethearts is a reporting unit of Grand Champion. At the end of 2020, Arnerica: Sweethearts has a far value of S720.000 and a book value of $260.000, which includes any goodwill recorded. Of this fair value, $340,000 s attributable to identifiable sets niet of lor identifiable nel assets labilities. Required: Calculate the Impairment loss of good any and recorde aporoorge, ournerent! one incon 1. Calculate the impairment loss of goodwill & any). $690.000,00 % 2. Record the appropriate foumal entry on December 31, 2020. General Insuctions GENERAL JOURNAL Score 21:25 DATE ACCOUNT TITLE OSTRE CREDIE Dec 31 Impairment Loss on Goodwill 310,000.00 310,000.00