On July 1, Ashtabula Corp. purchases 100% of Blasdell Company for $7.150 million. At the time of acquisition, the fair market value of Blasdel's tangible net assets (excluding goodwill) is $5.98 million. Ashtabula ascribes the excess of $1,170,000 to goodwill. During the first half of the year, the fair value of Blasdell declines to $6.370 million and the fair value of Blasdell's tangible net assets is estimated at $5.590 million as of December 31. This decline is deemed permanent. What impairment charge, if any, should Ashtabula report at December 31? Select one: a. None of these are correct b. $1,170,000 c. $0 d. $780,000 e. $390,000