On June 30, the end of Red Raider Corporation's fiscal year, they have a copyright with a remaining useful life of 10-years and a carrying value of $150,000. The expected future undiscounted cash flows are $125,000; the expected future discounted cash flows are $100,000 which is equal to the fair value of the copyright.
Required: Prepare the journal, if any, to record the impairment loss on the copyright. If no journal entry is required write the word "None," and give a brief explanation of why no entry is required. Omit journal entry explanations.