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): 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 to identfiable assets net of (or identifiable net assets) liablilies. Required: Calculate the impairment loss of goodwill (if any) and record the appropriate joumal entry. 1. Calculate the impairment loss of goodwill (if any). 2. Record the appropriate journal entry on December 31, 2020. General Joumal Instructions