Maya Adventure was formed on July 1, 2019 when Carlos Guerra purchased the Maya Sky Company. Maya Sky Company organizes and provides ziplining service. Guerra paid $350,000 cash for Maya Sky. At the time, Maya Sky's balance sheet reported assets of $400,000 and liabilities of $300,000 (thus stockholders equity was $100,000 ). The fair value of Maya Sky's assets is estimated to be $540,000. Included in the assets is the Maya Sky trade name with a fair value of $60,000 and a copyright on some tour books with a fair value of $20,000. The trade name has a remaining life of 10 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 20 years. Instructions: (a) Prepare the intangible assets section of Maya Adventure at 31 December 2020. (No impairments are required to be recorded in 2021) (b) At the end of 2020, Guerra is evaluating the results of the ziplining service. Due to the Covid-19 pandemic, Maya Sky reporting unit has been losing money. Its book value is now $225,000. The fair value of the Maya Sky unit is $150,000. Guerra has collected the following information related to the company's intangible assets: Prepare the journal entries required, if any, to record the impairments on Maya Adventure's intangible assets (assume that any amortization for 2021 has been recorded). Show supporting computations