A company reports $11.2 million in goodwill and decides to quantitatively test it for impairment at the end of 2020. The following information is collected:

What is the amount of goodwill impairment loss for 2020, following U.S. GAAP?

The correct answer is $6,200,000. Please show your calculation.

Division 1 Division 2 Division 3 Book value of goodwill $ 7,000,000 $ 200,000 $ 4,000,000 Fair value of division 40,000,000 6,000,000 20,000,000 Book value of division 45,000,000 6,500,000 21,000,000