On January 2, 2017,SarasotaCorp. reported the following intangible assets: (1) copyright with a carrying value of $16,000, and (2) a trade name with a carrying value of $8,600. The trade name has a remaining life of5years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of10years.

At December 31, 2017,Sarasotaassessed the intangible assets for possible impairment and developed the following information.

Estimated

Undiscounted Expected

Future Cash Flows Estimated Fair Value

Copyright $22,800 $17,100

Trade name 10,800 4,700

journal entries required forSarasota's intangible assets at December 31, 2017?

Date Account Titles and Explanation Debit Credit

Dec. 31

(To record amortization expense)

Dec. 31

(To record loss on impairment)