Instructions Grand Champion Inc. purchased America's Sweethearts Corporation on January 1, 2016. At the time, America's Sweethearts had the following assets and liabilities (stated at fair value): Cash $63,000 Accounts receivable 142,000 Inventory 190,000 Property, plant, and equipment 300,000 Patent 65,000 Accounts payable 180,000 Notes payable 325,000 Grand Champion paid $900,000 for America's Sweethearts. Assume that America's Sweethearts is a reporting unit of Grand Champion. At the end of 2017, America's Sweethearts has a fair value of $700,000 and a book value of $850,000, which includes any goodwill recorded. Of this fair value, $340,000 is attributable to identifiable assets net of assets and liabilities (or identifiable net assets). Required: Calculate the impairment loss of goodwill (if any) and record the appropriate journal entry. Additional Instruction General Journal Shaded cells have feedback. Record the appropriate journal entry on December 31, 2017. Additional Instruction How does grading work? PAGE 1 GENERAL JOURNAL Score: 21/25 ACCOUNT TITLE POST. REF. DEBIT CREDIT DATE Dec 31 Loss on Impairment 305,000.00 Goodwill 305,000.00 Points: 4.2/5 Analysis Shaded cells have feedback. Calculate the impairment loss of goodwill (if any). Enter your answer as positive amount. D $255,000.00 X Points: 0/1 Feedback