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 $63,000 Accounts receivable 142,000 Inventory 190,000 Property, plant, and equipment 300,000 Patent 65,000 Accounts payable 220,000 Notes payable 325,000 Grand Champion naid $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 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 $860,000, which includes any goodwill recorded. Of this fair value, $340,000 is attributable to identifiable assets net of (or identifiable net assets) liabilities. Required: Calculate the impairment loss of goodwill (if any) and record the appropriate journal entry. Additional Instruction 1. Calculate the impairment loss of goodwill (if any). GA $ 2. Record the appropriate journal entry on December 31, 2020. General Journal Instructions DATE 1 2 GENERAL JOURNAL ACCOUNT TITLE POST. REF. DEBIT PAGE 1 CREDIT