James Corportation bought a manufacturing plant and allocated its purchase price to the following:

Machinery and equipment - $400,000 and Goodwill: $200,000. Data needed for the impairment tests are shown below:

Machinery and equipment: Original Cost - $400,000, Accumulated Depreciation - $100,000, Future cash flows - $150,000 Fair value of the equipment - $75,000

Goodwill: Fair value of the reporting unit which holds these assets - $1,100,000, Book value of the reporting unit which holds these assets - $900,000

What are the journal entry(s) to record impairment losses associated with these assets?