Exercise 11-32 Goodwill valuation and impairment, Chapters 10 and 11 [L011-8] On May 28, 2018, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $570 million. The fair value of Harman's identifiable tangible and intangible assets totaled $617 million, and the fair value of liabilities assumed by Pesky was $163 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2018. Management has provided the following information: Fair value of Harman, Inc Fair value of Harman'snet assets (excluding goodwill) Book value of Harman'snet assets (including goodwill) 550 million 490 million 70 million Required: 1. Deterrmine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2018, if any 3. If an impairment loss is required, prepare the journal entry to record the loss. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Req 1 and 2 Req 3 Determine the amount of goodwill that resulted from the Harman acquisition and the amount of goodwill impairment loss that Pesky should recognize at the end of 2018, if any. Enter your answers in millions (i.e., 10,000,000 should be entered as 10)). Goodwill million impairment20million loss Req 1 and 2 Req 3> Exercise 11-32 Goodwill valuation and impairment, Chapters 10 and 11 [L011-8] On May 28, 2018, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $570 million. The fair value of Harman's identifiable tangible and intangible assets totaled $617 million, and the fair value of liabilities assumed by Pesky was $163 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2018. Management has provided the following information: Fair value of Harman, Inc Fair value of Harman's net assets (excluding goodwill) Book value of Harman'snet assets (including goodwill) 550 million 490 million 70 nillion Required: 1. Deterrmine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2018, if any 3. If an impairment loss is required, prepare the journal entry to record the loss. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Req 1 and 2Req If an impairment loss is required, prepare the journal entry to record the loss. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10)) No Event General Journal Debit Loss on i 20,000 Goodwill 20,000 Req1 and 2 Req 3X