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 the fair value) cash 63,000 accounts receivable 137,000 inventory 185,000 property, plant, equipment 300,000 patent 65,000 accounts payable 220,000 and note payable 325,000. 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 730,000 and a book value of 880,000, which includes any goodwill recorded. of this fair value 340,000 is attributable assets net of (or identifiable net assets) liabilities.

Calculate the impairment loss of good will (if any) and record the appropriate journal entry