Presented below is net asset information related to the Carlos Division of Santana, Inc.

CARLOS DIVISION NET ASSETS AS OF DECEMBER 31, 2014 (IN MILLIONS)
Cash		$73
Accounts receivable		207
Property, plant, and equipment (net)		2,598
Goodwill		217
Less: Notes payable		(2,640	)
Net assets		$455

The purpose of the Carlos Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write-down at this time is appropriate. Management estimated its future net cash flows from the project to be $411 million. Management has also received an offer to purchase the division for $352 million. All identifiable assets and liabilities book and fair value amounts are the same.

1. Prepare the journal entry (if any) to record the impairment at December 31, 2014.

2. At December 31, 2015, it is estimated that the divisions fair value increased to $363 million. Prepare the journal entry (if any) to record this increase in fair value.