Waters Corporation purchased Johnson Company $3$ years ago and at that time recorded goodwill of $$400,000.$ The Johnson Division's net assets, including the goodwill, have a carrying amount of $$800,000.$ The fair value of the division is estimated to be $$750,000.$

Prepare Waters' journal entry, if necessary, to record impairment of the goodwill. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is requilred, select $"$No$.$ Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Deblt

Credit