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On January 2,2017, Concord Corp. reported the following intangible assets: (1) copyright with a carrying value of $23,500, and (2) a trade name with a carrying value of $7,400. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 10 years. At December 31,2017, Concord assessed the intangible assets for possible impairment and developed the following information. Estimated Undiscounted Expected Future Cash Flows Estimated Fair Value Copyright Trade name $28,500 9,400 $24,900 4,200 Prepare any journal entries required for Concord's intangible assets at December 31,2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense Accumulated (To record amortization expense) Dec. 31 Loss on Impairment Trade Names To record loss on impairment)