Problem 2- Asset Group Impairment Jackson Corp. follows ASPE. During the last year, one of its asset groups suffered a significant decline in revenues. As a result, management decided to test it for impairment. The asset group had the following assets and liabilities: Item: Current Assets Machinery (Net) Buildings (Net) Goodwill Current Liabilities Carrying Value $ 100,000 $ 250,000 $ 2,000,000 $ 200,000 $ (50,000) $2,500,000 Fair Value $ 100,000 $ 200,000 $ 1,600,000 n/a S (50,000) $ 1,850,000 Net Amount: Additional Information: A due diligence report revealed that the company also had patents as part of the asset group value at $120,000, which were not recognized on the books. VUVUU Additional Information: A due diligence report revealed that the company also had patents as part of the asset group valued at $120,000, which were not recognized on the books. It was estimated that the asset group had a market value of $2,150,000. Required: Prepare any and all required journal entries to record impairment. If no entry is required, state why