Your answer is partially correct. Try again. At the end of 2018, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. Its book value is now $460,000. The fair value of the Old Master reporting unit is $380,000. The implied value of goodwill is $60,000. Magilke has collected the following information related to the company's intangible assets. Expected Cash Flows (undiscounted) Intangible Asset Fair Values $12,900 43,000 $4,300 38,000 Trade names Copyrights Prepare the journal entries required, if any, to record impairments on Kingbird intangible assets. (Assume that any amortization for 2018 has been recorded.) (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.) Account Titles and Explanation Loss on Impairment Debit Credit Goodwill 80000 Your answer is partially correct. Try again. At the end of 2018, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. Its book value is now $460,000. The fair value of the Old Master reporting unit is $380,000. The implied value of goodwill is $60,000. Magilke has collected the following information related to the company's intangible assets. Expected Cash Flows (undiscounted) Intangible Asset Fair Values $12,900 43,000 $4,300 38,000 Trade names Copyrights Prepare the journal entries required, if any, to record impairments on Kingbird intangible assets. (Assume that any amortization for 2018 has been recorded.) (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.) Account Titles and Explanation Loss on Impairment Debit Credit Goodwill 80000