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Steel Magnolia Incorporated purchased a trademark 7 years ago for $283,000. Steel Magnolia believed the trademark would have an indefinite life. At the end of

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Steel Magnolia Incorporated purchased a trademark 7 years ago for $283,000. 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 $177,000. Required: Record the impairment loss for Steel Magnolia. Record the impairment loss for Steel Magnolia on December 31. General Journal Instructions DATE 1 2 GENERAL JOURNAL ACCOUNT TITLE POST. REF. DEBIT PAGE 1 CREDIT

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