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Culver Corporation purchased Splish Brothers Company $3$ years ago and at that time recorded goodwill of $$500,000.$ The Splish

Brothers Division's net assets, including the goodwill, have a carrying amount of $$900,000.$ The fair value of the division is estimated to

be $$862,000.$

Prepare Culver' 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 required, select $"$No Entry" for the account titles and enter O for the amounts. List debit

entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

No Entry

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List of Accounts