Monty Corporation purchased Teal Mountain Company 3 years ago and at that time recorded goodwill of $500,000. The Teal Mountain Division's net assets, including the goodwill, have a carrying amount of $1,000,000. The fair value of the division is estimated to be $1,150,000. Prepare Monty' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented wi amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Textbook and Media Windsor, Inc., spent $54,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $54,000 expenditure and the first year's amortization, using an 6-year life. Use the account title "Trade Names". (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)