34. Goodwill Impairment Test-After Adoption of FASB ASU 2017-04 Assume the equity method Equity Investment account relating to a subsidiary has a reported balance of $5,020,000, including $480,000 of Goodwill. The fair value of the subsidiary is $4,500,000. The fair value of the subsidiary's individually identifiable net assets is $4,300,000. The subsidiary has only one reporting unit, which is the same as the overall entity. a. Describe when companies are required to conduct a quantitative goodwill impairment test. b. For this fact set, determine whether Goodwill is impaired and, if so, the amount of impairment assuming the parent company previously adopted FASB ASU 2017-04. c. Prepare the required journal entry if you determine Goodwill is impaired. 34. Goodwill Impairment Test-After Adoption of FASB ASU 2017-04 Assume the equity method Equity Investment account relating to a subsidiary has a reported balance of $5,020,000, including $480,000 of Goodwill. The fair value of the subsidiary is $4,500,000. The fair value of the subsidiary's individually identifiable net assets is $4,300,000. The subsidiary has only one reporting unit, which is the same as the overall entity. a. Describe when companies are required to conduct a quantitative goodwill impairment test. b. For this fact set, determine whether Goodwill is impaired and, if so, the amount of impairment assuming the parent company previously adopted FASB ASU 2017-04. c. Prepare the required journal entry if you determine Goodwill is impaired