Presented below is net asset information related to the Kingbird Division of Santana, Inc. Kingbird Division Net Assets As of December 31, 2020 (in millions) Cash Accounts receivable Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets $73 206 2,617 202 (2,612) $486 The purpose of the Kingbird 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 $445 million. Management has also received an offer to purchase the division for $335 million (deemed an appropriate fair value). All identifiable assets' and liabilities' book and fair value amounts are the same. Your answer is partially correct. Try again. Prepare the journal entry to record the impairment at December 31, 2020. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Loss on Impairment Goodwill