Splish Brothers Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $780,000 cash for Old Master. At the time, Old Master's balance sheet reported assets of $670,000 and liabilities of $190,000 (thus owners' equity was $480,000). The fair value of Old Master's assets is estimated to be $810,000. Included in the assets is the Old Master trade name with a fair value of $10,000 and a copyright on some instructional books with a fair value of $43,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. At the end of 2021, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. Its book value (excluding the Tradenames and Copyrights) is now $480,000. The fair value of the Old Master reporting unit is $400,000. Magilke has collected the following information related to the company's intangible assets. Intangible Asset Trade names Copyrights Expected Cash Flows (undiscounted) Fair Values $4,900 49,000 44,000 $14,700 Prepare the journal entries required, if any, to record impairments on Splish Brothers intangible assets. (Assume that any amortization for 2021 has been recorded.) (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 O for the amounts.) Account Titles and Explanation Debit Credit