On January 3, 2020, Culver Limited purchased 3,200 (32%) of the common shares of Sonja Corp. for $488,920. The following information is provided about the identifiable assets and liabilities of Sonja at the date of acquisition:

		Carrying Amount			Fair Value
Assets not subject to depreciation		$544,000			$544,000
Assets subject to depreciation (10 years remaining)		830,000			940,000
Total identifiable assets		1,374,000			1,484,000
Liabilities		93,000			93,000

During 2020, Sonja reported the following information on its statement of comprehensive income:

Income before discontinued operations		$237,000
Discontinued operations (net of tax)		(73,400	)
Net income and comprehensive income		163,600
Dividends declared and paid by Sonja November 15, 2020		110,000

Assume that the 32% interest is enough to make Sonja an associate of Culver, and that Culver is required to apply IFRS for its financial reporting. The fair value of Sonjas shares at December 31, 2020, is $155 per share.

Prepare the journal entry if you were informed that Culvers long-term business prospects had deteriorated and that the most Culver could expect to recover in the future or to sell its investment in Sonja for at December 31, 2020, is $124 per share. (Credit account titles are automatically indented when the 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.)