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Grouper Corporation purchased Skysong Company 3 years ago and at that time recorded goodwill of $390,000. The Skysong Divisions net assets, including the goodwill, have

Grouper Corporation purchased Skysong Company 3 years ago and at that time recorded goodwill of $390,000. The Skysong Divisions net assets, including the goodwill, have a carrying amount of $780,000. The fair value of the division is estimated to be $1,000,000. Prepare Groupers' journal entry, if necessary, to record impairment of the goodwill.

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