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Steel Magnolia Incorporated purchased a trademark 7 years ago for $293,000. Steel Magnolia believed the trademark would have an indefinite life. At the end of

Steel Magnolia Incorporated purchased a trademark 7 years ago for $293,000. Steel Magnolia believed the trademark would have an indefinite life. At the end of 2020, the corporation believes the fair value of the trademark is $197,000.

Record the impairment loss for Steel Magnolia.

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