Problem 12-9 Your answer is partially correct. Try again. Ayayai Golf and Sports was formed on July 1, 2020, when Steve Powerdriver purchased Old Master Golf Corporation. Old Master provides video golf instruction at kiosks in shopping malls. Powerdriver's plan is to make the instruction business part of his golf equipment and accessory stores. Powerdriver paid $650,000 cash for Old Master. At the time of purchase, Old Master's statement of financial position reported assets of $550,000 and liabilities of $100,000 (shareholders' equity was $450,000). The fair value of Old Master's identifiable assets was estimated to be $700,000. Included in the identifiable assets was the Old Master trade name with a fair value of $14,860 and a copyright on some instructional books with a fair value of $25,000. The trade name had a remaining legal life of five years and can be renewed indefinitely at nominal cost. The copyright had a remaining life of 40 years. Assume that Ayayai Golf and Sports is a public company. The relevant information for the impairment test on December 31, 2022, is as follows: Trade name Copyright Cash-generating unit to which goodwill was allocated Carrying Amount $14,860 22,273 482,500 Future Net Cash Flows (Undiscounted) $9,970 30,150 484,170 Value in Use $6,450 27,300 456,320 FV - Selling Costs $7,990 23,560 433,220 Provide any associated journal entry for the impairment test. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Loss on Impairment 49280 Accumulated Impairme 6870 Accumulated Impairme 49280