Presented below is net asset information related to the Marin Division of Santana, Inc.

Cash $64
Accounts receivable 213
Property, plant, and equipment (net) 2,608
Goodwill 214
Less: Notes payable (2,603)
Net assets $496

The purpose of the Larkspur Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write-down at this time is appropriate. Management estimated its future net cash flows from the project to be $410 million. Management has also received an offer to purchase the division for $335 million (deemed an appropriate fair value). All identifiable assets’ and liabilities’ book and fair value amounts are the same.

Required:
Prepare the journal entry to record the impairment at December 31, 2017.