Giant acquired all of Smalls common stock on January 1, 2020, 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, $60,500 of the fair-value price was attributed to undervalued land while $79,000 was assigned to undervalued equipment having a 10-year remaining life. The $60,500 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, 2024. On that date, Small owes Giant $12,900. Small declared and paid dividends in the same period. Credits are indicated by parentheses. Accounts Giant Small Revenues $ (1,347,400) $ (423,000) Cost of goods sold 633,000 132,000 Depreciation expense 211,500 146,000 Equity in income of Small (137,100) 0 Net income $ (640,000) $ (145,000) Retained earnings, 1/1/24 $ (1,680,000) $ (702,000) Net income (above) (640,000) (145,000) Dividends declared 310,000 100,000 Retained earnings, 12/31/24 $ (2,010,000) $ (747,000) Current assets $ 485,500 $ 300,000 Investment in Small 1,077,500 0 Land 521,000 181,000 Buildings (net) 370,000 466,000 Equipment (net) 698,000 340,000 Goodwill 0 0 Total assets $ 3,152,000 $ 1,287,000 Liabilities $ (892,000) $ (370,000) Common stock (250,000) (170,000) Retained earnings(above) (2,010,000) (747,000) Total liabilities and equities $ (3,152,000) $ (1,287,000) Required: How was the $137,100 Equity in Income of Small balance computed? Determine the totals to be reported by this business combination for the year ending December 31, 2024. Prepare a consolidation worksheet for Giant and Small for the year ending December 31, 2024. If Giant determined that the entire amount of goodwill from its investment in Small was impaired in 2024, what journal entry would Giant make to record such impairment