Grand Champion Inc. purchased America’s Sweethearts Corporation on January 1, 2016. At the time, America’s Sweethearts had the following assets and liabilities (stated at fair value):

Cash	$62,000
Accounts receivable	138,000
Inventory	185,000
Property, plant, and equipment	300,000
Patent	65,000
Accounts payable	200,000
Notes 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 2017, 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 assets and liabilities (or identifiable net assets).

Required:

Calculate the impairment loss of goodwill (if any) and record the appropriate journal entry.