In 2013,Azimuth Company Purchased a Small Business for $500,000 $$\begin{array} { | l | r | r | } \hline \text { Loss on goodwill } & 30,000 & \\\hline \text { Goodwill } & & 30,000 \\\hline\end{array}$$

Essay

In 2013,Azimuth Company purchased a small business for $500,000.The market value of the business's assets were $850,000,and the market value of the liabilities were $400,000.Azimuth recorded goodwill of $50,000 at time of acquisition.At the end of 2014,they measured the goodwill and found it had a remaining value of only $20,000.Please provide the entry needed at year-end 2014.
$$\begin{array} { | l | r | r | } \hline \text { Loss on goodwill } & 30,000 & \\\hline \text { Goodwill } & & 30,000 \\\hline\end{array}$$