Goodwill impairment is a valuation process. Although the other intangible assets should be amortized over a specific years, goodwill is not amortized. in 2017, FASB simplify the impairment test which should be done regularly by firms. Please answer the following questions. TK Corp. has $50,000,000 of the goodwill balance on B/S (before closing) at the end of the 2022 accounting year. TK did the impairment test of the reporting unit, and found that the fair value of the unit was $580,000,000 ( carrying value of the unit on the book was $650,000,000). 1. (4 points) What should be the balance of goodwill on B/S (after closing) at the end of the 2022 period ? 2. (5 points) What should be the impairment loss amount reported on the 2022 I/S? 3. (5 points) What should be the carrying value of the reporting unit after the impairment test? 4. (30 points) We have discussed two different ways of measuring value changes in accounting: Capital maintenance concept vs. transaction approach. Please discuss why the impairment test is based on capital maintenance concept while amortization is based on transaction approach. Also discuss pro and cons of each ways.