The following information relates to a patent owned by Blossom Company: Cost $3,060,000 Carrying amount 1,530,000 Expected future net cash flow 1,350,000 Fair value 1,080,000 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019, assuming Blossom will continue to use the asset in the future. (Credit account titles are automatically indented when the 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 Loss on Impairment Debit Credit Patent