Sheffield Corporation owns a patent that has a carrying amount of $360,000. Sheffield expects future net cash flows from this patent to total $295,000. The fair value of the patent is $224,000. Prepare Sheffield's journal entry to record the loss on impairment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)