Goodwill Impairment On January 1, 20Y3, The Simmons Group, Inc., purchased the assets of NWS Insurance Co. for $36,000,000, a price reflecting an $8,000,000 goodwill premium. On December 31, 20Y9, The Simmons Group determined that the goodwill from the NWS acquisition was impaired and had a value of only $2,300,000 a. Determine the book value of the goodwill on December 31, 20Y9, prior to making the impairment ustment. b. Illustrate the effects on the accounts and financial statements of the December 31, 20Y9 adjustment for the goodwill impairment. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Balance Sheet Stateme nt of Cash Flows Assets Liabilities + Equity Retained earninqs GoodwillNo effectNo effect+ 20Y9 Dec. 31 Statement of Cash Income Statement Flows Loss from impaired goodwill No effect