Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2017.

Cost $6,000,000

Carrying amount 5,200,000

Expected future net cash flows 4,700,000

Fair value 3,200,000

Assume Wamser will continue to use this asset in the future. As of December 31, 2017, the copyrights have a remaining useful life of 5 years.

3. The fair value of the copyright at December 31, 2018 is $3,500,000. Prepare the journal entry (if any) necessary to record this increase in fair value