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Munch Craft Designs, Inc. reported goodwill at $603,000 related to its Michael Avenue Division. The fair value of Michael Avenue is $2,506,000. The carrying value

Munch Craft Designs, Inc. reported goodwill at $603,000 related to its Michael Avenue Division. The fair value of Michael Avenue is $2,506,000. The carrying value of Michael Avenue's net assets, excluding goodwill, is reported at $2,102,000 and appraised at $2,316,000. Determine whether goodwill is impaired and prepare any journal entry necessary to record the impairment loss

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