Leon Corp. purchased Spinks Co. 4 years ago and at that time recorded goodwill of $480,000. The Spinks Division's net assets, including goodwill, have a carrying amount of $1,150,000. The fair value of the division is estimated to be $1,200,000. Assuming that the fair value of the division is estimated to be $1,070,000 and the implied goodwill is $360,000. Prepare the journal entry(ies) necessary to record the appropriate transaction(s). (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)