Ireland Corporation purchased copyrights on January 1, 2019, for $6,000,000. At the end of 2022, the copyrights had a fair value of $3,200,000 and were being carried at $5,200,000. The copyrights are expected to generate $4,700,000 of future net cash flows and have a remaining useful life of 5 years as of 12/31/2022. Ireland will continue to use the copyrights in the future. On February 1, 2022, Ireland paid $3,500,000 to acquire all of the common stock of Shamrock Corporation, which became a division of Ireland. At the time of the acquisition, Shamrock's balance sheet reported $3.6 million of total assets and $1.1 million of total liabilities. At the date of the purchase, it was determined that the fair value of Shamrock's identifiable net assets was $3.1 million. On December 31, 2022, Shamrock's balance sheet reported $800,000 of current assets, $2.4 million of noncurrent assets (including any Goodwill recognized in purchase), and $1.2 million of total liabilities. The fair value of the Shamrock division on December 31, 2022, is determined to be $1,950,000. Required 1. Prepare the journal entry (if any) to record the impairment of the copyrights at December 31, 2022. Journal entry description is not required. 2. Prepare the journal entry to record amortization expense on the copyrights for 2023. Journal entry description is not required. 3. The fair value of the copyrights at December 31, 2023 are $2,500,000. Prepare the journal entry (if any) to record the increase in fair value. Journal entry description not required. 4. Compute the amount of goodwill recognized, if any, on February 1, 2022, related to Ireland's acquisition of Shamrock. 5. Prepare the journal entry to record goodwill impairment, if any, on December 31, 2022. Journal entry description not required