Presented below is information related to a trademark owned by Buster Corporation at December 31, 2023:

Cost $5,300,000

Carrying amount on balance sheet 3,200,000

Expected future net cash flows 3,000,000

Fair value 2,600,000

Assume that Buster will continue to use the trademark into the future. As of December 31, 2023, the trademark is estimated to have a remaining useful life of 10 years

Required:

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2023.