Harmony Resorts Inc. owns and manages resort properties. On January 15, 2008, one of its properties was found to be adjacent to a toxic chemical disposal site. As a result of the negative publicity, this property's bookings dropped 40% during 2008. On December 31, 2008, the accounts of the company showed the following details regarding the impaired property:

Land ................... $ 30,000,000

Buildings and improvements (net) ....... 120,000,000

Equipment (net) .............. 25,000,000

Total ..................$175,000,000

Management decides that closing the resort is the only option. As a result, it is estimated that the buildings and improvements will be written off completely. The land can be sold for other uses for $17 million, while the equipment can be disposed of for $6 million, net of disposal costs.

a. Provide the journal entry to record the asset impairment on December 31, 2008.

b. Provide the note disclosure for the impairment.