Indigo Corporation purchased Teal Mountain Company $3$ years ago and at that time recorded goodwill of $$300,000.$ The Teal Mountain Division's net assets, including the goodwill, have a carrying amount of $$740,000.$ The fair value of the division is estimated to be $$708,000.$

Prepare Indigo' journal entry, if necessary, to record impairment of the goodwill. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit