Current Attempt in Progress Presented below is information related to copyrights owned by Blossom Corporation at December 31, 2020. Cost Carrying amount Expected future net cash flows Fair value $5,400,000 4,680,000 4,230,000 2880,000 Assume Blossom will continue to use this asset in the future. As of December 31, 2020, the copyrights have a remaining useful life of 5 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 2020 e Textbook and Media List of Accounts Sve for later Attempts: 0 of 3 used Submit