jackson corp follows ASPE

During the last year, one of its asset groups suffered a significant decline in revenues. As a result, management decided to test it for impairment. The asset group had the following assets and liabilities: Item: Carrying Value Fair Value Current Assets Machinery (Net) Buildings (Net) Goodwill Current Liabilities $ 100,000 $ 250,000 $ 2,000,000 $ 200,000 $ (50,000) $ $ $ 100,000 200,000 1,600,000 n/a (50,000) $ Net Amount: $ 2,500,000 $ 1,850,000 Additional Information: - A due diligence report revealed that the company also had patents as part of the asset group valued at $120,000, which were not recognized on the books. - It was estimated that the asset group had a market value of $2,150,000. Required: Prepare any and all required journal entries to record impairment. If no entry is required, state why