Giant acquired all of Small$$s common stock on January $1,2017,$ in exchange for cash of $$770,000.$ On that day, Small reported common stock of $$170,000$ and retained earnings of $$400,000.$ At the acquisition date, $$56,500$ of the fair$-$value price was attributed to undervalued land while $$81,000$ was assigned to undervalued equipment having a $10-$year remaining life. The $$62,500$ unallocated portion of the acquisition$-$date excess fair value over book value was viewed as goodwill. Over the next few years, Giant applied the equity method to the recording of this investment.

The following are individual financial statements for the year ending December $31,2021.$ On that date, Small owes Giant $$11,000.$ Small declared and paid dividends in the same period. Credits are indicated by parentheses.

Giant Small

Revenues $ $(1,265,600)$ $ $(450,000)$

Cost of goods sold $635,00091,000$

Depreciation expense $203,500183,000$

Equity in income of Small $(167,900)0$

Net income $ $(595,000)$ $ $(176,000)$

Retained earnings, $1/1/21$ $ $(1,520,000)$ $ $(632,000)$

Net income $($above$)(595,000)(176,000)$

Dividends declared $290,00090,000$

Retained earnings, $12/31/21$ $ $(1,825,000)$ $ $(718,000)$

Current assets $ $412,500$ $ $335,000$

Investment in Small $1,047,5000$

Land $489,000190,000$

Buildings $($net$)322,000492,000$

Equipment $($net$)729,000305,000$

Goodwill $00$

Total assets $ $3,000,000$ $ $1,322,000$

Liabilities $ $(925,000)$ $ $(434,000)$

Common stock $(250,000)(170,000)$

Retained earnings$($above$)(1,825,000)(718,000)$

Total liabilities and equities $ $(3,000,000)$ $ $(1,322,000)$

How was the $$167,900$ Equity in Income of Small balance computed?

Determine the totals to be reported by this business combination for the year ending December $31,2021.$

Prepare a consolidation worksheet for Giant and Small for the year ending December $31,2021.$

If Giant determined that the entire amount of goodwill from its investment in Small was impaired in $2021,$ what journal entry would Giant make to record such impairment?