On July 1, 2020, Blossom Corporation acquired Crane Company for $1,008,000 cash. At the time of purchase, Cranes balance sheet showed assets of $868,000 and liabilities of $280,000. The fair value of Cranes assets is estimated to be $1,064,000.

On December 31, the fair value of Crane is estimated to be $806,400. The carrying value of Cranes net identifiable assets, including the goodwill, at year-end is $840,000. Prepare Blossoms journal entry, if necessary, to record impairment of goodwill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)