Goodwill Impairment test-Prior to Adoption of FASB ASU 2017-04

Assume the equity method investment account relating to a subsidiary has a reported balance of $5,020,000, including $480,000 of Goodwill. The fair value of the subsidiary is $4,500,000. The fair value of the subsidiary's individuals identifiable net asset is $4,300,000. The subsidiary has only one reporting unit, which is the same as the overall entity.

1. Describe when the companies are required to conduct a quantitative goodwill impairment test.
2. For this fact set, determine whether goodwill is impaired and if so the amount of the impairment assuming the parent company has not yet adopted FASB ASU 2017-04.
3. Prepare the require journal entry if you determine goodwill is impaired.